TOKYO (AP) -- Toyota Motor Corp. will join forces with Russian automobile company Sollers to boost auto production in Russia where demand for cars is growing, news reports said Thursday.
Toyota will use Sollers' existing factory in the Russian far eastern port city of Vladivostok to produce cars, possibly sport utility vehicles, Japan's top business daily, the Nikkei, and Kyodo News agency said, citing unnamed sources.
Toyota spokeswoman Shiori Hashimoto said nothing had been decided.
Toyota, the world's biggest automaker, launched its first auto production in Russia in 2007. Its factory in St. Petersburg makes the popular Camry, producing around 20,000 of the cars a year. Toyota said its sales in Russia jumped 17 percent year-on-year to 91,000 vehicles in 2010.
The Nikkei said the Russian automaker's Vladivostok plant will be upgraded so that it can assemble around 30,000 Toyota vehicles annually. It will be Toyota's second production base in Russia.
Japanese firm Mitsui & Co. will also join the Toyota project in Russia. An official at Mitsui could not be reached for comment.
Toyota has recalled more than 12 million vehicles globally since fall 2009 for a series of safety issues. But Toyota on Tuesday revised up its full-year earnings and sales forecasts on booming sales in China and other high-growth markets.
Toyota shares were up 2.7 percent at 3,765 yen in Tokyo.
Toyota will use Sollers' existing factory in the Russian far eastern port city of Vladivostok to produce cars, possibly sport utility vehicles, Japan's top business daily, the Nikkei, and Kyodo News agency said, citing unnamed sources.
Toyota spokeswoman Shiori Hashimoto said nothing had been decided.
Toyota, the world's biggest automaker, launched its first auto production in Russia in 2007. Its factory in St. Petersburg makes the popular Camry, producing around 20,000 of the cars a year. Toyota said its sales in Russia jumped 17 percent year-on-year to 91,000 vehicles in 2010.
The Nikkei said the Russian automaker's Vladivostok plant will be upgraded so that it can assemble around 30,000 Toyota vehicles annually. It will be Toyota's second production base in Russia.
Japanese firm Mitsui & Co. will also join the Toyota project in Russia. An official at Mitsui could not be reached for comment.
Toyota has recalled more than 12 million vehicles globally since fall 2009 for a series of safety issues. But Toyota on Tuesday revised up its full-year earnings and sales forecasts on booming sales in China and other high-growth markets.
Toyota shares were up 2.7 percent at 3,765 yen in Tokyo.