Toyota to invest $421 million in Cambridge, Ont. plant
Toyota Motor Manufacturing Canada will invest $421 million to launch the next generation Lexus RX 350 and 450h vehicles at its assembly plant in Cambridge, Ont.
The federal and Ontario provincial government will partner to provide a total of $100 million towards the investment.
According to a Canadian Press report, the provincial Liberal government will give Toyota a grant of up to $42.1 million, or 10 per cent of the project’s cost. The federal government will contribute about 14 per cent of the project’s cost in the form of repayable $58-million loan.
Toyota Motor Manufacturing Canada Inc. has three plants in southwestern Ontario, with two in Cambridge that produce the Corolla sedan and the RX350 and RX450h, and one in nearby Woodstock producing the RAV4 SUV.
“Canada’s automotive sector is a global leader in vehicle production and our government is proud to support projects that promote Canada as a destination for future automotive investment,” Gary Goodyear, federal minister of state and the MP for Cambridge, said in a statement.
“Our partnership allows Toyota to build on that success by securing their future in Ontario and leveraging new, innovative technologies to strengthen their exports and increase their competitiveness,” said Brad Duguid, Ontario’s Minister of Economic Development, Employment and Infrastructure.
The new technologies include introducing updated laser screw welding procedures and increasing the content of lightweight, high-strength steel used in assembly.