Toyota to upgrade Woodstock and Cambridge plants in $1.4B deal
The federal and Ontario governments will pitch in a combined $220 million towards a $1.4 billion upgrade at two Toyota Canada manufacturing plants.
Prime Minister Justin Trudeau made the announcement at Toyota's plant in Cambridge which, along with a facility in Woodstock will see the upgrades.
Upon completion of the upgrades, the Cambridge and Woodstock factories will become Toyota's North American manufacturing hub for the RAV4, including hybrid versions.
The investment is expected to result in the creation of 450 new jobs and spending of $200 million by Toyota in research and development in Canada over the next 10 years.
The two plants currently employ about 8,000 people and produce more than half a million vehicles each year.
The announcement comes against the backdrop of a potential final push for a new NAFTA deal this year. The auto industry has been a crucial part of talks so far.