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Toyota Launches New-Gen Camry Production in Russia

Executive Summary

Toyota believes the launch of the new Camry, coupled with increasing demand for the Land Cruiser Prado and Fortuner SUVs, may provide the impetus for growth. The automaker also has high hopes for the C-HR CUV going on sale in Russia later this year.

ST. PETERSBURG –Toyota launches production of its eighth-generation Camry at its assembly plant here, recently modernized as part of a RR4 billion ($70 million) investment.

Production volumes have not been disclosed, but they will correspond to customer demand. Prices for the new Camry will start at RR1.4 million ($23,360).

The car will be built on the new GA-K unibody platform of Toyota’s New Global Architecture, which allows production of various models on a single platform. The RAV4 CUV also built at the St. Petersburg plant uses the GA-K platform as well.

Toyota and its Lexus luxury marque are lagging the recovering Russian market. Sales of the two brands fell 0.6% year-on-year to 118,685 units in 2017 while total light-vehicle sales improved 11.9%, Wards Intelligence data shows. For the first three months of 2018 the Russian market rose 21.8% while Toyota and Lexus grew a combined 2.7%.

However, Toyota believes the launch of the new Camry, coupled with increasing demand for the Land Cruiser Prado and Fortuner SUVs may provide the impetus for growth. The automaker also has high hopes for the C-HR CUV going on sale in Russia later this year.

“Russia is one of the priority markets for Toyota while former management was able to maintain the company’s stable performance in the country during the economic downturn,” Toyota Russia President Shuji Suga says. “With the release of new products, we plan to cover new segments of the market and attract a new audience.”

Toyota has operated its St. Petersburg plant since 2007. Investment in the plant last year totaled RR27.5 billion ($458 million).

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