Toyota's Russian production facility officially opened its doors in 2007 and was initially expected to produce 20,000 Toyota Camry units per year. The Japanese automaker invested a total of 5 billion rubles ($141.7 million) in the Russian plant, the aforementioned source added.
Toyota isn't the first automaker that slashes Russian production following the negative effects of the economic turmoil. Sales in Russia fell 38 percent last month, following a decrease by 33 percent in January, Autonews wrote quoting information provided by the Association of European Businesses.
Toyota in particular recorded a sales drop of 43 percent in February when it comes to the Russian market and the decline is going to become even more severe in the next months, analysts forecasted.
On the other hand, some companies, and count here even economic recession-hit automakers, increased Russian operations by opening new plants and research centers. General Motors for instance, a manufacturer which is now close to bankruptcy, opened a new plant in St. Petersburg in early November.
“We are fully committed to our Russia growth strategy,” said Carl-Peter Forster, President of General Motors Europe. “Russia is poised to become Europe’s Number One car market for GM as early as 2009. With five strong brands on the market, we are the leading non-Russian manufacturer. That’s a position we aim to keep.”
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