Toyota to invest £240 million in British car plants

LONDON: Carmaker Toyota announced a £240-million ($296million) boost to its British-based operations, but hinted that future business was dependent on the outcome of EU divorce negotiations.

The Japanese automotive giant announced plans to upgrade its car plant in Burnaston, central England, and their investment includes a £21.3-million pledge from the British government for funding to enhance the plant’s environmental performance. Dr Johan van Zyl, president and CEO of Toyota Motor Europe, said the company was focused on securing the global competitiveness of its European plants.

But he also stressed the importance of British access to European markets, which remains uncertain after Prime Minister Theresa May announced she would take Britain out of the European single market as part of the country’s decision to leave the EU.

“Continued tariff- and barrierfree market access between the UK and Europe that is predictable and uncomplicated will be vital for future success,” van Zyl said. — dpa