Toyota invests $ 1.4B in Ontario manufacturing plant
Toronto, May 5 (IBNS): Japanese automotive manufacturer Toyota has announced an investment of $1.4 B in the Ontario manufacturing plant, media reports said.
Canadian Prime Minister Justin Trudeau and Ontario Premier Kathleen Wynne were present while the announcement was made.
Trudeau told media that Ontario and Canada are also investing $ 110 million each. in Toyota’s Cambridge and Woodstock plants.
The investment will support more than 8,000 jobs in Southwestern Ontario, and will create 450 new jobs as well as 1,000 new co-op placements.
His tweet reads, "Today is a great day for our auto sector & Canadians – together with the Government of Ontario and @ToyotaCanada, we’re investing in Toyota’s Cambridge & Woodstock plants to create 450 new jobs as well as 1,000 new co-op placements."
Today is a great day for our auto sector & Canadians – together with the Government of Ontario and @ToyotaCanada, we’re investing in Toyota’s Cambridge & Woodstock plants to create 450 new jobs as well as 1,000 new co-op placements. Get the details: https://t.co/SxDgC9cNPr pic.twitter.com/I7pfBMBPrf
— Justin Trudeau (@JustinTrudeau) May 4, 2018
Toyota will also invest $200 million in Canadian research and development over ten years.
In a statement, Trudeau said: "Companies have confidence in Canada and Canadian workers, and know that we are ready to build the cars of the future. Today’s investment will support thousands of jobs for Canadians, and keep our auto sector globally competitive and at the centre of the growing demand for hybrid cars.
"We welcome Toyota’s decision to invest in our highly skilled workforce and expand its presence in Canada. This is a smart decision that further establishes our country as the place where cars of the future are built.”
Wynne has termed the investment as a "huge vote of confidence" in Ontario's "highly skilled workforce and competitive business climate".
The premier tweeted, "Toyota choosing Ontario as the North American manufacturing hub for its #RAV4 is a huge vote of confidence in our highly skilled workforce and competitive business climate. In a time of uncertainty & rapid change, we are securing the future of auto right here in Ontario."
Toyota choosing Ontario as the North American manufacturing hub for its #RAV4 is a huge vote of confidence in our highly skilled workforce and competitive business climate. In a time of uncertainty & rapid change, we are securing the future of auto right here in Ontario. pic.twitter.com/7zo7eIGl1q
— Kathleen Wynne (@Kathleen_Wynne) May 4, 2018
(Reporting by Suman Das)
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