Toyota opened a new production plant near St. Petersburg, Russia today. The new plant — which represents the auto industry’s growing interest in the Russian car market — will produce 20,000 vehicles a year in its initial phase, with production later being increased to 50,000 units a year. Toyota President Katsuaki Watanabe says the plant’s production could eventually hit 200,000.
According to the Detroit Free Press, Toyota invested $202 million in the Russian plant. Construction of the plant — which will employ 600 workers — took about 2 1/2 years to complete.
Russian President Vladimir Putin attended the opening ceramony and sees the plant as a postitive for Russian-Japanese relationships. “The relationship between Russia and Japan is getting better, and the opening of the plant is a serious step to increase the trust between the two countries,†Putin said at the ceremony. “The expansion of trade and economic ties between our countries will help the solution of other problems.â€
Several other automakers already have production facilities in Russia — including Ford , Renault and Kia . General Motors broke ground on its first Russian plant in 2006.
