Toyota's Australian manufacturing operations will get a $123 million boost, the company has confirmed, with a portion of the investment coming from the Federal and Victorian Governments.
The investment will see $108 million spent on Toyota's Altona plant to ensure production of a "major facelift vehicle" from 2015, with the remaining $15 million going into the company's supplier development program.
The Federal Government has contributed $23.6 million to the Altona upgrade, and will contribute a further $5 million toward the supplier program over the next five years.
An undisclosed amount has also been contributed by the Victorian Government.
"Local manufacturing is an integral part of our business and is a key focus of our five-year company-wide transformation program," Toyota Australia President and CEO Max Yasuda said.
"The investment ensures that Toyota Australia continues to build high quality vehicles for our local and overseas customers."
The news follows today's Australian Labor Party promise of a $200 million funds injection for the automotive industry if it is kept in power at next month's election.
"It is vital that we continue to have an ongoing partnership with Governments to ensure the long-term viability of local manufacturing. Today's announcement is a positive step forward," Mr Yasuda said.
"This investment was secured due to the enormous effort undertaken by many people at Toyota Australia during the past 18 months and the critical support of the Victorian and Federal Governments."
Toyota's local production program includes the export of around 70,000 Camry and Aurion cars each year, with most going to the Middle East.
The company expects to build more than 100,000 Camry, Camry Hybrid and Aurion models in Altona by the end of 2013.
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