Toyota will inject an additional $123 million into its Australia operations to fund a new vehicle facelift in 2015 and an expansion of its supplier development program over the next five years.
The welcome shot in the arm for local automotive manufacturing has been supported by a $23.6 million grant from the Federal Government plus an undisclosed amount from the Victorian State Government. In addition, the Federal Government will assist Toyota’s supplier development program (which aids component suppliers) with an additional $15 million over five years.
“Local manufacturing is an integral part of our business and is a key focus of our five year company-wide transformation program,” explained Toyota Australia chief Max Yasuda.
Toyota dominates the local new car sales market with more than 123,500 sales so far this year – more than double the amount sold by its closest rival Holden. In addition Toyota exports around 70,000 Camry and Aurion vehicles each year from its Altona, Victoria assembly plant to markets in the Middle East, New Zealand and South Pacific islands.
