Toyota Australia has today announced a $300 million dollar investment in the local production of a new generation of Toyota's Atkinson-cycle petrol engine, currently used in the Hybrid Camry, along with a new four-cylinder for the regular Camry.
Starting in late 2012 at a new section of Toyota's engine plant in Altona, Victoria, more than 100,000 engines will be produced. Toyota Australia CEO Max Yasuda said the new plant would also give the company's local manufacturing arm new export opportunities to other Toyota plants around the world.
"Securing the investment to produce the next generation engine is a huge vote of confidence for our local manufacturing plant and our employees, who have worked tirelessly to improve operational performance to demonstrate our ability to compete with Asia Pacific counterparts," Mr Yasuda said today.
"Toyota operations around the world are constantly vying for new investment to ensure local manufacturing operations can participate in the global car making industry."
Mr Yasuda acknowledged support from the Federal Government's Green Car Innovation Fund and the Victorian Government as a major factor in getting the engine-building project off the ground.
"A partnership between local car makers, the government and suppliers is fundamental for ensuring we evolve our industry to deal with the challenges of a carbon constrained world," he said.
While specific details have not been revealed, Toyota has confirmed that the new engine will be developed with a view to compliance with Euro V emissions laws, along with the future Euro VI regulations.