Toyota Motor Corporation Makes Australia Pledge

Toyota Motor Corporation (NYSE:TM) has pledged to continue building cars in Australia beyond 2016.

Toyota Motor Corporation Makes Australia Pledge

Toyota Motor Corporation (NYSE:TM) said that it will continue building cars in Australia beyond 2016.

The company will launch its new Camry and Camry hybrid mid-sized cars and Aurion large cars in Australia.

It will invest $300 million in its new engine plant at Altona.

Matthew Callachor, sales and marketing director of Toyota Motor Corporation (NYSE:TM), said, “All these investments have provided Toyota Australia with the opportunity to improve its competitiveness and efficiency beyond the current model cycle. Planning for the next generation of cars is well under way and, as is normal for any Toyota Motor Corporation (NYSE:TM) affiliate, we will develop the business case to secure the next model. Our firm intention is to build cars beyond 2016. In the long term, we intend for our local suppliers to provide more components”.

Toyota Motor Company (NYSE:TM) shares were at 83.22 at the end of the last day’s trading. There’s been a 31.2% change in the stock price over the past 3 months.

Toyota Motor Company (NYSE:TM) Analyst Advice
Consensus Opinion: Hold
Mean recommendation: 3
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 3
Zack’s Rank: 10 out of 13 in the industry