(MENAFN) Toyota Motor is finalizing plans for its first passenger car assembly plant in Mexico that could be approved by its board as early as next month, Oman Observer reported.
The plant would make the popular Corolla compact sedan and begin production in 2019. Based on recent investments by rivals, a new assembly plant would represent an investment of USD1 billion for Toyota.
An approval for the plant would signal an end to a 3-year expansion freeze imposed by the Japanese automaker's president, who has blamed aggressive expansion for contributing to quality gaps and a 2009 recall crisis.
"We are always evaluating our production capacity in Mexico, and in North America generally, to keep it in line with local market demand, but no such decision has been made at this time," Toyota spokesman said.
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