Toyota to build plant in Russia
Japanese automaker Toyota Motor Corporation (TMC) announced that it has decided to build its first automobile manufacturing plant in St. Petersburg, Russia, due to the rapid growth and potential of Russian market. The new plant, which is scheduled to start operations in December 2007, will have an initial annual production capacity of around 50000 units. An initial investment of approximately Yen 15 billion ($141.5 million) is planned, along with the creation of approximately 500 local jobs. In 2004, Toyota sold 47000 vehicles in Russia via TMCs Moscow-based sales company and other trading companies.