Toyota is midway through its five-year plan to spend US$13 billion through 2021 on revitalizing and expanding its U.S., Canadian and Mexican plants, and building new capacity. Canadian RAV4 and Lexus RX plants were retooled last year. The program still has US$5.9 billion of investment that is not yet assigned.
Some of the country’s top auto executives will address critical issues facing the industry at the upcoming fourth annual Automotive News Canada Congress, Feb. 13 at the Metro Toronto Convention Centre. The afternoon event is open to all industry professionals.
The automaker is working to pare inventory of the Jeep Cherokee and other vehicles, including minivans built in Ontario, after attempting to unload excess inventory on U.S. dealers with incentives that rose to as much as US$3,000 by late December.
Ontario Economic Development Minister Vic Fedeli ties a rate freeze — but not a cut — to the cancellation of 752 green-energy programs, such as solar and wind. It's a move he says saves $780 million. Suppliers still say rates remain too high and "dilute profitability."