Toyota to open 7th plant in North America

Toyota to open 7th plant in North America

Japanese automaker Toyota Motor Corp. announced that the company plans to build its seventh plant in North America. The new plant, which is scheduled to operational by 2008, will have an annual production capacity of 100'000-150'000 subcompact cars. The world's second-largest automaker plans to invest Yen 50 billion (around $463 million) for the plant. The company has disclosed plans in the past months to build new plants or expand existing ones in Russia, Thailand and Indonesia, and is reported to be considering a new plant in China. Actually, Toyota had considered building its new plant in the US, but it selected Canada because of lower labor costs.