Toyota makes auto industry financing news with massive Canadian investment
Jul 14, 2011 Brian Bradley
An arm of one of the largest automakers in the world recently announced that it would be investing a sizable amount into its Canadian operations, in the latest news for auto industry financing. Toyota Motor Manufacturing Canada recently confirmed plans to partner with the federal and Ontario governments to pour $545 million into facilities in Woodstock and Cambridge. The funds will go toward upgrading paint shops and other manufacturing facilities in the initiative known as Project Greenlight. The new injection of funds is expected to bring as many as 500 new jobs to the Ontario plants. The chairman of Toyota Motor Manufacturing Canada, Ray Tanguay, said that the auto industry financing would help the Canadian economy. "The strong support that we have received from both the federal and provincial governments is very important because it allows us to give these initiatives priority and helps to secure our production footprint in Canada," said Tanguay in a statement. Toyota announced other good news recently when it came to production. In June the automaker said that it would be resuming full production of cars two months ahead of schedule after suffering major setbacks due to the earthquake that occurred in Japan.