(MENAFN) Japan's auto giant Toyota said it plans to invest USD1.3 billion to build new plants in China and Mexico, its first major investment in five years, Arab News reported.
The investment is aimed at boosting Toyota's production capacity by around 300,00 units per year in a bid to better compete with global rivals, the Nikkei business daily said.
The world's largest automaker expects to spend about USD1.3 billion on the new facilities, opening them in 2018 in China and 2019 in Mexico, the newspaper added.
The Chinese factory will be built in the city of Guangzhou, where Toyota has a joint venture with Guangzhou Automobile Group, producing the Yaris subcompact.
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