Toyota to expand in Russia via Sollers venture: report

By @ibtimes on

Toyota Motor Corp <7203.T> is set to expand operations in Russia, partnering with Russian automaker Sollers to help build Toyota-brand cars in the far east of the country as it pushes further into emerging markets, the Nikkei newspaper said.

The world's largest automaker will provide parts and train personnel for a venture owned by Sollers and Japanese trading house Mitsui & Co <8031.T> which will aim to build 30,000 Toyota-brand vehicles annually, it said.

Toyota spokesman Paul Nolasco declined to comment.

The factory in Vladivostok may assemble just one model and Mitsui will transport the cars via the Trans-Siberian Railway to sell them throughout Russia, the business daily said.

Toyota has also been producing cars at a unit in St. Petersburg since 2007.

Automobile sales in Russia are expected to grow 17 percent to 2.24 million units this year, the Nikkei said.

Shares in Toyota climbed 2.6 percent to 3,765 yen in a second day of gains after the company raised its full-year profit outlook on Tuesday and after a U.S. safety probe found no problems with its cars' electronics.

The Nikkei 225 <.N225> average was flat.

(Reporting by Mariko Katsumura in Tokyo; Editing by Edwina Gibbs)

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