Business & Banking

Oct 1, 2002

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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