Toyota 4 billion Investment
Toyota invests R4 billion in South Africa
Not all is doom and gloom in SA. Toyota South Africa Motors (TSAM) has reaffirmed its commitment to the country by announcing that it will be investing a cumulative amount of R4, 28 billion between 2019 and 2021.
Of great excitement is that the lion’s share, a staggering R2,43 billion, has been earmarked for the production of a new passenger-car model at Prospecton from October 2021. The new passenger model will replace the Corolla (not Quest) production line, which is due to end in 2020. TSAM is also proud to announce that this includes, for the first time on the African continent, the production of a Toyota Hybrid Synergy Drive vehicle as a variant.
TSAM is also investing R365 million to double the size of its Atlas Warehouse from 40 000m² to 80 000m². When completed in 2021, the facility will be the largest automotive parts warehouse in the Southern Hemisphere. The organisation also has a number of ongoing projects between 2019 and 2020, including an investment into the new Corolla Quest and several facilities upgrades at the plant, that come to a total of R928m.
According to President and CEO of TSAM, Andrew Kirby, “The investment will generate an additional R2,85 billion towards the South African economy per annum and approximately 1 500 new jobs. It is of particular importance to note that this investment would not have been possible without industrial policy certainty in the form of APDP-2, and I would like to thank all the role-players involved in paving the way to practical implementation of the new policy regime in 2021.”
IN addition to the already mentioned projects, TSAM will be investing R450 million in the Hiace, R20 million in the Hilux, R91 million in a Hiace volume increase, and R928 million in ongoing projects.
Independent Economist, Dr Thabi Leoka quote, says: “I would like to commend Toyota South Africa Motors for showing its commitment to the South African economy – creating jobs – when almost every sector seems to shedding jobs.”
TSAM has invested more than R12 billion in the South African economy over the past 10 years in areas such as manufacturing facilities, equipment updates and dealer operations.