Toyota Producing Corolla in Venezuela Despite Economic Headwinds
Photo of the Toyota Corolla courtesy of Toyota Venezuela.
Toyota is launching a new Corolla model in Venezuela despite the country’s economic struggles.
Toyota, the only automaker left in the country, is producing 20 new Corollas per month, according to Reuters. The automaker is looking to continue to increase production into 2018 despite the economy. The Venezuelan automotive sector sold about 3,000 vehicles last year, compared to 500,000 in 2007.
Toyota said this year that it is building 100 cars in Venezuela daily, according to Wards Auto. The automaker said it has no plans to leave the country.
Meanwhile, the fleet market for multinational companies in the region has been contracting as companies begin to exit the market.
Earlier this year, General Motors ceased operations in the country after the Venezuelan government took control of General Motors’ Valencia plant, seizing company vehicles and other assets.