Toyota announces USD 293 million investment in England assembly plant despite Brexit

16 March 2017, 06:14 PM
Toyota - File Photo (Getty)
Toyota - File Photo (Getty)

Japanese auto major Toyota announced an investment of 240 million pounds (USD 293 million) in a car assembly plant in central England on Thursday, despite uncertainty over Britain's looming exit from the European Union.

The Japanese auto giant said the fresh funds, which will include 21.3 million pounds from the UK government, would be used to update its Burnaston factory with new equipment and technology.

Japan's major automakers have expressed concerns about the impact of Brexit on their access to the European market.

Toyota has said would fight to continue operating two plants in Britain, including a motor making factory in Wales, which employ more than 3,400 people.

The UK government's share of the investment would be used for "training, research and development, and further enhancements of the plant's environmental performance", Toyota said.

"We are doing all we can to raise the competitiveness of our Burnaston plant in Derbyshire," it said in a statement.

"Continued tariff-and-barrier free market access between the UK and Europe that is predictable and uncomplicated will be vital for future success."

After receiving private guarantees from the British government, Carlos Ghosn, the head of rival automaker Nissan, in October gave the green light to new investments at its plant in Sunderland, northeast England. 

First Published: Thursday, March 16, 2017 05:58 PM

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