Toyota is announcing a 1.4 billion dollar investment for the Woodstock and Cambridge Toyota plants.
CAMBRIDGE/WOODSTOCK - Prime Minister Justin Trudeau and Premier Kathleen Wynne were in Cambridge this afternoon, for an exciting announcement for the local automotive sector.
Prime Minister Justin Trudeau says the Woodstock and Cambridge Toyota plants will receive a major funding boost.
"Toyota is announcing a 1.4 billion dollar investment in its Cambridge and Woodstock plants and to support this investment the Government of Canada will be contributing $100 million in partnership with the Government of Ontario, which will match our investment."
Trudeau says this is great news for the local job market and the rest of the country.
"Together these funds will help secure more than 8,000 jobs, create 450 new jobs and 1,000 new co-op placements and make Canada the largest producer of Toyota Hybrid vehicles in North America."
The two plants will create more fuel efficient vehicles. Improvements in the manufacturing process will also reduce volatile organic compound emissions by 10 percent.
Toyota is also planning on increasing its research and development investments in Canada by $200 million.
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