ST PETERSBURG, Russia (Reuters) -- Toyota Motor Corp. opened its first plant in Russia last Friday, aiming to produce 50,000 Camry sedans annually.
Toyota has since 2005 invested 3 billion rubles ($121.4 million) in the plant, which is also Russia's first to produce premium-class cars, and plans to ramp up output at a later stage.
"We are hoping that one day the plant will produce 200,000 to 300,000 units per year. Then we can start considering production of budget-class cars," Toyota President Katsuaki Watanabe said at the opening ceremony.
He added that the company would reach its initial goal of 50,000 units per year within 18 months.
Russian President Vladimir Putin and Economy Minister Elvira Nabiullina are expected to attend the ceremony in Russia's second largest city of St. Petersburg.
Sales of foreign car brands in Russia surged 63 percent in the first 11 months of this year.
General Motors, Ford Motor Co. and South Korea's Hyundai all build cars in Russia, and Japan's Nissan, Suzuki Motor Corp, Mitsubishi Motors and France's PSA/Peugeot-Citroen are scheduled to follow.
Toyota's flagship Camry sedan has been the best-selling car in the United States in eight of the past nine years.
