Toyota Aust, govts make 'critical' $123m investment
Toyota Australia will make a critical $123 million investment in its local manufacturing operations with the support of a co-investment package from the federal and Victorian governments.
The Federal Minister for Innovation, Industry, Science and Research Senator Kim Carr and the Victorian Minister for Manufacturing, David Hodgett, recently announced the co-investment package to build a major facelift vehicle.
The federal government is contributing $23.6 million towards Toyota's investment, with the Victorian government also supporting the proposal.
In return, Toyota Australia will invest in a vehicle that will ensure the company continues to build high quality products that appeal to its customers.
The federal government is also providing $5 million towards a $15 million supplier development initiative by Toyota Australia.
Under this initiative, Toyota Australia will work with local suppliers to build their capability by sharing manufacturing skills and know-how, benefitting supply chain employees from the shop floor through to CEOs.
"Toyota Australia's investment is part of a long term strategy to secure and strengthen its manufacturing presence in Australia, including its supplier base," Carr said.
"The government's contribution is a vital part of Toyota Australia's ongoing investment into its future operations.
"Australia is one of only 13 countries that can make a motor car from start to finish. The Labor government wants to retain the expertise, the investment, the cutting-edge technology and the high-skill jobs this industry attracts for generations to come."
Hodgett said that the Victorian coalition government was pleased to support the investment to help Toyota improve competitiveness across local and international markets.
"Toyota will be investing in capital, vehicle pre-production, design and engineering to ensure that its major facelift vehicle is an attractive and popular choice for Australian and international buyers," he said.
"Toyota is an important part of the Victorian economy, with the Camry produced here for the local and international markets," Hodgett said.
"Toyota employ many people in our state, and the Victorian coalition government is pleased to continue supporting this major local manufacturer."
Carr said through collaboration with Toyota, Australian suppliers can become more competitive, increasing their chances of winning new work both locally and globally.
"Toyota Australia's current success, combined with a long term strategic focus, sends a strong positive signal for Australian manufacturing generally and the Australian automotive industry in particular," Carr said.
"Government co-investment is fundamental to that future.
"At a time when automotive manufacturing has been under considerable pressure, this is an investment in securing thousands of manufacturing jobs and supporting the prospects of employees and their families."
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