Car manufacturer, Toyota has landed a £6.3 million cash windfall to help it develop "the next generation of vehicles".

?Deputy Prime Minister Nick Clegg confirmed that Toyota is among 102 businesses across the UK to have won a grant from the fourth round of the Regional Growth Fund - a pot totalling £500 million.

Tony Walker, deputy managing director of Toyota Manufacturing UK, said he was delighted extra funding was now forthcoming. He said the cash injection meant that there was now potential for "creating new opportunities" at Burnaston, as well as within its network of UK-based suppliers.

He added : "We are delighted to have been awarded this funding and thank the Deputy Prime Minister for taking the opportunity to visit TMUK and see for himself how it will further help secure and develop our world-class manufacturing capabilities. We are proud of our achievements at TMUK, and together with our own investments this new funding will help ensure that we can continue to develop and produce new generations of Toyota vehicles here in Britain. It is a great vote of confidence in Toyota and our members, securing jobs today and opening up new opportunities for the future."

Mr Walker also commented that the investment would make an important contribution to sustaining Burnaston's role as one of Toyota's "most valued" global production centres.

A spokeswoman for the company said it "was not possible to say" whether the funding boost would lead to another production line being built, or a entire new model being developed to go alongside the Auris and Avensis.

The Regional Growth Fund was launched by Mr Clegg in 2010. To win a share of the tens of millions on offer, companies had to demonstrate they could create sustainable private sector growth if awarded a grant of at least £1 million.They have to submit a report confirming the project or programme represented value for money and that it would deliver the benefits set out in the application.

Mr Clegg said: "Toyota was the first car plant in Europe to make a hybrid, low carbon car. This money is a great vote of confidence in Toyota - securing jobs today and opening up opportunities for the future. This will be a big boost for jobs in the region in Toyota's supply chain. I know they buy their seats from Johnson's Controls, a firm based just a few miles away from the Burnaston plant."

Toyota chose Derbyshire for its first European manufacturing base in 1989, a decision that took into account the strong tradition of car manufacturing, the availability of a skilled workforce and the support from local and national government. UK operations began in 1992 and has benefited from more than £2.1 billion Toyota investment to date. TMUK currently employs over 3,800 members across its two sites in Burnaston and Deeside, Wales. Toyota's continued investment has been used to build several generations of key Toyota models for the UK and European markets. 

toyota flag

Search FDI News...

RSS Feed:

  • Reuters: Business News Apr 26, 2018 | 17:06 pm

    (Reuters) - MetLife Inc reduced total 2017 compensation for its[…]

  • Reuters: Technology News Apr 26, 2018 | 17:03 pm

    FRANKFURT (Reuters) - As Europe nears tough new privacy rules,[…]

  • Reuters: Business News Apr 26, 2018 | 16:47 pm

    WASHINGTON (Reuters) - New orders for key U.S.-made capital goods[…]

  • Reuters: Business News Apr 26, 2018 | 16:46 pm

    FRANKFURT (Reuters) - Deutsche Bank fired 300 U.S.-based investment bankers[…]

  • Reuters: Technology News Apr 26, 2018 | 16:33 pm

    (Reuters) - Tesla Inc's Autopilot chief Jim Keller is leaving[…]

Best Marketing Content - December 2016

Irish Development Agency



Best Website - December 2016

Invest Lithuania