Canada to Invest C$16.9 Million to Produce Toyota Hybrid Vehicle
The Canadian government will provide Toyota Motor Corp. (7203)’s Canadian manufacturing unit a loan of about C$16.9 million ($16.9 million) to help produce a hybrid version of the Lexus sport utility vehicle in Ontario, Prime Minister Stephen Harper said today.
The project will create about 400 jobs at Toyota’s Cambridge, Ontario plant and the vehicle is expected to begin production in 2014, according to a statement. The investment is part of the government’s Automotive Innovation Fund, a five- year, C$250-million plan to support research and development for automotive companies in Canada.
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