Toyota announces decision to send Kentucky-based Venzas to South Korea

Toyota is exporting its Kentucky-based Venzas to South Korea, a move that the company hopes will maximize its potential in the U.S., and also dampen the yen abroad. Bloomberg News has the full story. What do you think of Toyota’s decision to send a new model overseas?

Image

Toyota Sends Venzas to South Korea, Boosting U.S. Exports

By Alan Ohnsman – Nov 14, 2012 7:37 PM ET

Toyota Motor Corp. (7203) is making good on a plan to boost U.S. exports by shipping Kentucky-built Venzas to South Korea, helping Asia’s largest carmaker maximize use of factories in North America and blunt the yen’s impact.

The company’s plant in Georgetown, Kentucky, is producing a version of the midsize wagon for South Korea, where it already sends U.S.-produced Camry sedans and Sienna minivans, Toyota said yesterday in a statement. Toyota expects exports of U.S.- built vehicles to reach a record, increasing 52 percent this year to more than 130,000 cars and trucks, the company said.

Toyota Motor Corp. is making good on a plan to boost U.S. exports by shipping Kentucky-built Venzas to South Korea, helping Asia’s largest carmaker maximize use of factories in North America and blunt the yen’s impact. Photographer: Tomohiro Ohsumi/Bloomberg

The Venza exports help “maintain Toyota’s strong, stable base of U.S. jobs,” Bob Carter, U.S. senior vice president, said in the statement. “We look forward to other opportunities to continue expanding exports from our American operations.” Photographer: Peter Foley/Bloomberg

The Venza exports help “maintain Toyota’s strong, stable base of U.S. jobs,” Bob Carter, U.S. senior vice president, said in the statement. “We look forward to other opportunities to continue expanding exports from our American operations.” The Kentucky manufacturing operation is Toyota’s largest outside of Japan and employs about 6,600 people.

Toyota, along with Japan-based Honda Motor Co. (7267) and Nissan Motor Co. (7201), has been shifting more production to North America to counter the yen’s almost 30 percent rise against the dollar in the past five years, including opening a Corolla small-car plant in Mississippi, moving Highlander sport-utility vehicle production to Indiana and expanding Lexus RX SUV output in Canada. Last week, Toyota said it would make small cars with Mazda Motor Corp. (7261) in 2015 at a plant Mazda is building in Mexico.

Yoshimi Inaba, chairman of Toyota’s U.S. sales unit, in January said the company intended to make North America a global export base.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: