BEIJING – Toyota Motor announced on October 22 that it will add an investment of approximately ¥310 million ($50.8 million) to expand production capacity of Sichuan FAW-Toyota Motor (SFTM)’s Chengdu plant in Sichuan Province, reported qq.com.cn.
With the new investment, Toyota plans to increase the annual production capacity of the Chengdu plant to 50,000 vehicles from the current 30,000 units, and employ about 500 new workers for the plant. Toyota also said its 2.7L Prado SUV will be produce in the Chengdu plant starting from March 2015.
SFTM began production of the Coaster in 2000, and since 2003 the JV has started to produce the 4.0L Prado SUV. Cumulative sales of the 4.0L Prado SUV in the first three quarters of this year came to 14,324 units with a decline of 1.2 percent year-on-year, according to CBU-Autostats.