Toyota Invests in Mexico and Argentina
With the goal of using Argentina as an export base, Toyota
Motor Corp. says it plans to invest $200 million in the
country over the next two years to triple production of pickup
trucks and other vehicles to about 60,000 units annually.
Toyota will export as much as three quarters of production.
This is the largest single industrial investment in Argentina
since the January's tumultuous devaluation of the peso, which
has lost over 70% of its value since January. Toyota, the
world's third largest automaker, is also building a $140
million factory in Tijuana, its first vehicle assembly plant in
Mexico. Toyota plans to build 20,000 small pickup trucks and
170,000 truck beds at the plant, expected to provide 460 jobs
when production begins in 2005 ( see "Eastern Restraint, Latin
Assets,"). Toyota this year began selling cars and trucks in
Mexico as low...
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