Toyota Motor Corp. (NSYE: TM) said Wednesday it will increase the output of its Thai engine-building subsidiary Siam Toyota Manufacturing Co. in 2014, to meet growing demand in Asia.
The ramped-up production will be funded by a 14 billion yen ($174.4 million) investment in the facility, increasing output from 740,000 units to 840,000 units while adding approximately 200 jobs to a division that already employs about 3,000.
The STM subsidiary builds ZR engines, used in Toyota's popular Corolla model.
In addition to the ramped-up production in Thailand, the Japanese car manufacturer announced plans to create a new vehicle assembly factory in the country, as well as resuming a production line at another Thai plant that had been suspended, all a response to rising demand in emerging markets and Asia, according to the Wall Street Journal.
Toyota's American Depositary Receipts fell $1.47 to $83.18 in midday trading.