Toyota will invest $300 mln in the development of its St Petersburg plant

Toyota will invest $300 mln in the development of its St Petersburg plant


RusAutoNewsCom.- As reported by the press office of the St Petersburg City Administration, the details of the development of cooperation between the Administration and Toyota Motor have been discussed by the Governor of the city Alexander Beglov today, as part of an official visit to the car plant in St Petersburg. The company has manufactured more than 350,000 automobiles at the facility since its establishment in 2007.

“The results of the company’s operations for the last twelve years reflect the correct choice of strategies. The capacity of the factory has doubled and the production volume increased by almost 12 times” – said Beglov, noting the achievements of one of the largest taxpayers in St Petersburg.

The cooperation between the company and the city will shift to a new level this year. A SPIC has been signed in June 2019, within the framework of which the production facilities will be modernised, for the purpose of increasing the production volume of Toyota Camry and RAV4 vehicles. 20 billion rubles (approximately $300 million) will be invested in the project for the duration of ten years. In the meantime, the total amount of tax revenues that will go to the city budget within the scope of the SPIC will reach approximately 5 billion rubles, according to preliminary predictions.

As emphasised by the Governor, St Petersburg is actively developing smart investments, which will lead to the creation of high-technology and high-paid jobs at enterprises throughout the city.

“Exactly such companies, where the most advanced technology and methods of operation are actively implemented, should be the leaders of the economy of St Petersburg” – Beglov said. He has added that the average wage at the plant is currently two times higher than the city standards. Beglov has also highly praised the working conditions at the enterprise: “The collective agreement of the employees of Toyota Motor is considered as one of the best in the city. Not every company in the city has such conditions, however, we are aiming towards that goal”.