Economy, Auto

Toyota Restarts Production in Venezuela

Toyota Restarts Production in VenezuelaToyota Restarts Production in Venezuela

Toyota said on Friday it restarted its Venezuelan factory after six months without producing vehicles because of hard currency shortages, good news for the South American nation suffering a roiling recession that has closed many factories.

Auto output in Venezuela plunged 86% in the first six months of the year because of shortages of parts, most of which are imported, Reuters reported.

“A few weeks ago, we restarted our assembly operations here in the Cumana plant for our three models: Corolla, Hylux and Fortuner,” said Rafael Chang, Toyota Venezuela’s president, in a televised event.

The company plans to start exporting cars in the first half of 2017 and supply the local market, the executive said.

Since last year, Toyota has been exporting parts from Venezuela as a way of keeping its operations afloat.