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Toyota to invest £240m in UK plant at Burnaston Toyota to invest £240m in UK plant at Burnaston
(35 minutes later)
Toyota is to invest £240m in upgrading its UK factory that makes the Auris and Avensis models.Toyota is to invest £240m in upgrading its UK factory that makes the Auris and Avensis models.
The Japanese carmaker's investment in the Burnaston plant near Derby will allow production of vehicles using its new global manufacturing system.The Japanese carmaker's investment in the Burnaston plant near Derby will allow production of vehicles using its new global manufacturing system.
The factory employs about 2,500 people, while another 590 work at Toyota's engine plant at Deeside, North Wales.The factory employs about 2,500 people, while another 590 work at Toyota's engine plant at Deeside, North Wales.
Burnaston made about 180,000 vehicles last year, most of which are exported to Europe and other markets.Burnaston made about 180,000 vehicles last year, most of which are exported to Europe and other markets.
Johan van Zyl, chief executive of Toyota Motor Europe, said the investment showed that the company was doing all it could to make Burnaston more competitive.Johan van Zyl, chief executive of Toyota Motor Europe, said the investment showed that the company was doing all it could to make Burnaston more competitive.
However, he warned: "Continued tariff-and-barrier free market access between the UK and Europe that is predictable and uncomplicated will be vital for future success."However, he warned: "Continued tariff-and-barrier free market access between the UK and Europe that is predictable and uncomplicated will be vital for future success."
Analysis
John Moylan, industry correspondent
The decision to upgrade the plant to take Toyota's New Global Architecture, its new system for producing vehicles worldwide, suggests the company sees the UK as part of its long-term future.
But the UK's automotive industry knows that Brexit is coming and with it the possibility of tariffs and complex customs arrangements.
That threatens the competitiveness of carmakers that rely upon the kind of just-in-time manufacturing which Toyota pioneered.
Read more from John here.
'Faith in employees'
Industry trade body the SMMT said in January that uncertainty around Brexit and the UK's future trading arrangements had hit investment in the car sector.Industry trade body the SMMT said in January that uncertainty around Brexit and the UK's future trading arrangements had hit investment in the car sector.
Investment commitments in the UK automotive sector last year totalled £1.66bn, down from £2.5bn in 2015.Investment commitments in the UK automotive sector last year totalled £1.66bn, down from £2.5bn in 2015.
The government is providing £21.3m in funding for training, research and development and improving the Burnaston plant's environmental performance.The government is providing £21.3m in funding for training, research and development and improving the Burnaston plant's environmental performance.
Business Secretary Greg Clark said the investment "underlines the company's faith in its employees and will help ensure the plant is well positioned for future Toyota models to be made in the UK".Business Secretary Greg Clark said the investment "underlines the company's faith in its employees and will help ensure the plant is well positioned for future Toyota models to be made in the UK".
Toyota has been making cars in the UK since 1992.Toyota has been making cars in the UK since 1992.
In January, Toyota announced it was planning to spend $10bn (£8.2bn) in the US over the next five years.
Toyota lost its crown as the world's biggest carmaker to Volkswagen last year.
Last month, the company said it expected to report net profits of 1.7 trillion yen ($15.1bn; £12.1bn) for the 2016-17 financial year. However, that was lower than the 2.1 trillion yen profit it recorded a year earlier.