Toyota Invests Large Euros To Raise Yaris Production

TOKYO November 28, 2002; Lindsay Whipp writng for Bloomberg reported that Toyota Motor Corp. invested 100 million euros ($99 million) to raise capacity for its Yaris compact in France as European demand for the car increases, the Japanese automaker said in a release.

The world's third-largest automaker said it raised capacity at its Valenciennes-based plant by 23 percent to 184,000 units as of today. Toyota said it will also employ 300 more staff.

Toyota has sold 725,626 Yaris cars, known in Japan as the Vitz, in Europe since its release in the region in 1999.

Toyota's Yaris has buoyed its sales in Europe, with the company considering raising its European market share target to 8 percent from 5 percent. The automaker increased sales 26 percent in France in the first 10 months of the year, while its sales in Germany increased 14 percent and 19 percent in Italy.

Toyota plans total European annual capacity of 500,000 vehicles, 830,000 engines and 550,000 transmissions by 2004 at its plants in France, U.K., Poland and Turkey.