Toyota to invest AUD123 mil. in Australian operations

AUD15 million will go towards expanding its supplier development programme over the next five years.

Toyota plans to invest AUD123 million (USD109.44 million) in its Australian operations, reports The Australian newspaper. About AUD108 million is to be invested in the automaker's Altona plant to build an upgraded version of an undisclosed existing model from 2015, while AUD15 million will go towards expanding its supplier development programme over the next five years. The federal and Victorian governments will also contribute to this package, with the federal government contributing AUD28.6 million and an unspecified amount coming from the Victorian government. Meanwhile, General Motors (GM) Holden managing director Mike Devereux stated that his company would wait for the outcome of the election in September before making any investment decisions.