Toyota Resumes Output in Venezuela After 6-Month Hiatus
Toyota Motor Corp. says it has resumed vehicle production in Cumana, Venezuela, after a shortage of hard currency forced a shutdown there six months ago.
The factory assembles Corolla sedans, Hylux compact pickup trucks and Fortuner midsize SUVs. Since February the facility had been exporting parts to maintain limited operations.
Overall vehicle production in Venezuela plummeted 86% in the first half of 2016 because of a shortage of imported parts, Reuters notes.
Sources told Bloomberg News in June that Fiat Chrysler Automobiles, General Motors and Toyota were poised to resume production after gaining government approval to sell vehicles in U.S. dollars. Doing so enables manufacturers to collect foreign funds in the country with which to buy imported components.
Bloomberg indicated Chery Automobile, IVEC, Mack Trucks and Mitsubishi Motors might reach similar agreements with the Venezuelan government.
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