At the beginning of this year, Toyota announced that it would upgrade the Burnaston station, employing 2500 people and taking 21.3 million pounds from the government. Steps like these show the company’s commitment to the company.
They also announced to invest 240 million pounds into their Derbyshire plant. With latest technology and systems, this step will prove beneficial for the car manufacturing industry of United Kingdom. Dr Johan Van Zyl, the president of the company, says that the barrier-free trade among UK and Europe will bring advantages and success to the industry. It is true that any trading barriers can increase car manufacturing costs.
The president of the company is not just thankful to the government for its contribution in helping the company advance its equipment; he also wishes to improve the potential of the company by this upgrade at the Burnaston plant in Derbyshire.
According to the World Trade Organization rules, there is 9.8% tax on the car imports. European Union further imposes 6% more. The president of the company suggests that tariff-free trade would have remarkable benefits to the industry, and will boost the success rate. The president says that the investment was made by the company for not just their advantage, but for the benefit of the whole industry. He wishes to make the company as well as the industry more competitive in the future.
Many new car models are expected from the company, especially after this investment. However, as of now, Toyota Prius and Toyota C-HR crossover new models are expected. There are expectations from other companies to expand their production too. In case the companies leave EU, there can be an increase in the manufacturing cost. This is because most of the manufacturing is done in the UK so it could have a great impact.