Toyota to invest US$116 million in new facility in Philippines
Toyota Autoparts Philippines Inc. broke ground Thursday on a new US$116 million facility for production and export of transmission parts to seven countries.
The facility will produce R-type transmission units, used for larger vehicles. It will increase Toyota Autoparts' capacity to produce manual transmission to 333,000 units from 150,000 it currently makes.
"This will be only the fourth R-type transmission facility in the world for Toyota," Toyota Motor Corp. senior managing director Akira Okabe said in opening ceremonies attended by President Gloria Macapagal Arroyo.
The other facilities are in Japan, Indonesia and Thailand.
"This R-type transmission is scheduled to be exported to seven countries, not only in Asia, but as far as South Africa and Argentina," said Toyota Autoparts President Yasuro Takeuchi.
Toyota Autoparts Philippines, a majority-owned unit of Toyota Motors Corp., has invested 5.4 billion pesos (US$112 million) in its existing facility in the Philippines since 1990, which has produced 2.4 million G-type transmission parts and 1.4 million constant velocity joints.
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