Toyota plans UK plant upgrade
TOKYO: Toyota plans to upgrade its carmaking plant in the United Kingdom in a sign that concerns about Brexit won’t derail its investments in the country, for now.
The world’s second-biggest car manufacturer will spend £240 million (RM1.3 billion) to update equipment and technology at a factory in Burnaston to allow the production of models on its latest platform, said Toyota on Thursday.
The UK government will supply as much as £21.3 million of that for training, research and development, subject to due diligence, said the carmaker.
“We are focused on securing the global competitiveness of our European plants,” said Johan van Zyl, chief executive officer of Toyota Motor Europe. However, he warned that “continued tariffand-barrier free market access between the UK and Europe that is predictable and uncomplicated will be vital for future success”.
Carmakers are concerned that the UK’s exit from the European Union may lead to costly trade barriers,.
Toyota rival Nissan Motor Co has said it wants the government to spend £100 million to help build the country’s supply base and pledged to expand production at its Sunderland plant only after receiving assurances about Britain’s policies toward the industry. Bloomberg
Toyota will spend £240 million to update equipment and technology at its Burnaston factory in the United