Latest news with #GRCorolla
The Sun
a day ago
- Automotive
- The Sun
World's largest car maker hatching plans to invest £40 million in a new assembly line in UK
THE WORLD'S largest car maker are planning to invest a whopping £40million for a new assembly line in the UK. The Toyota plant at Burnaston could be in line for a major investment, as the company weighs moving production for the US market from Japan to Derbyshire. The car maker plans to invest around £41 million to set up a new production line dedicated to making GR Corollas, according to Reuters. Toyota has denied that Trump tariffs are behind the potential shift, despite taxes on Britain being 10 per cent compared to Japan's 25 per cent. In light of the potential move, Japanese automaker Toyota revealed that new cars could be added to the European market. Currently, the GR Corolla is only available in Japan and is exported to North America and select other markets. Burnaston plant currently produces the Corolla hatchback and estate for the UK and European markets, but production rates could significantly improve with the proposed investment. A new production line could be operational within 12 months, with reports suggesting that Japanese engineers may temporarily relocate to Derbyshire to assist with the transition. The first car built at Burnaston, in December 1992, was the Carina E. A rock-solid family motor specifically designed and engineered for Europe, hence the 'E'. It cost £12,145. In a world largely dominated by Sierras and Cavaliers, Carina E won many customer satisfaction awards for its advanced petrol engines, superior build quality, reliability and cheaper running costs. Much like Corolla today. Inside Toyota's UK production plant as it builds five MILLIONTH motor since first Carina E rolled off the line in 1992 Corolla is king at Burnaston now. One is born here every 142 seconds — almost 400 a day, 7,000 a month. Hatchback, estate and van. All with efficient self-charging petrol hybrids produced at Toyota's Deeside engine plant. All with Toyota's brilliant ten-year warranty. If you want a car that does everything it's meant to do really well, get a Corolla. It won't let you down. Burnaston also produced big numbers of the Avensis and Auris over the years, but switched back to Corolla in 2019. Park all five million British-built Toyotas end to end and they'd stretch from London to Tokyo and back. Toyota had invested an eye-watering £240million to upgrade the Burnaston plant in 2017. The car manufacturer had said the investment would boost competitiveness and promote the use of locally built components. At the time, Business and Energy Secretary Greg Clark said: 'Our automotive sector is one of the most productive in the world and Toyota's decision to invest £240 million upgrading its Burnaston plant is a further boost to the UK auto sector. I also welcome the prospect of investment to take Toyota New Global Architecture into the supply chain. 'Toyota is one of the world's largest car producers and this inward investment underlines the company's faith in its employees and will help ensure the plant is well positioned for future Toyota models to be made in the UK. 'As we prepare to leave the EU, this Government is committed through our Industrial Strategy to ensuring the UK remains one of the best places in the world to do business and we are able to help businesses seize on economic opportunities.'
Yahoo
a day ago
- Automotive
- Yahoo
Toyota Plans to Move Production of GR Corolla to Britain
Toyota Motor Corporation TM is reportedly planning to shift some of its GR Corolla production to the United Kingdom. This move is aimed to take advantage of excess capacity in Britain and reduce delivery times in North America, where demand for the petrol-powered hot hatch remains strong. TM will spend around $56 million to set up a dedicated production line for North America's exports in its Burnaston plant in Derbyshire. The U.K. plant witnessed a fall in production after the country separated from the European Union, leaving some idle capacity. Moreover, the plant already produced the base model of the GR range, the Corolla hatchback, which would result in an uncomplicated production of the GR Corolla. The new line is expected to add an annual production of around 10,000 cars. To make the line operational by mid-2026, TM will be sending engineers from Japan to share expertise. GR Corolla's current production facility at Toyota's Motomachi Plant is already at full capacity and falling short in serving the high demand. The plant produced roughly 25,000 vehicles last year, including 8,000 GR Corollas, and can no longer meet growing global demand for high-performance models. US Toyota plants are also focused on catering strong demand for hybrids in the country, making it difficult to accommodate GR Corolla production. Another key factor in Toyota's decision is the recent trade agreement between the United Kingdom and the United States. The trade deal to cut tariffs on car imports from the United Kingdom from 25% to 10% on up to 100,000 vehicles a year is also beneficial for TM. This makes the United Kingdom a more cost-effective export base compared with Japan, which still faces 25% U.S. auto tariffs. However, Japan is also negotiating a reduction of the 25% tariff imposed on car imports. TM stock has lost 12.7% over the past year compared with the industry's 16.8% decline. Image Source: Zacks Investment Research TM currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Auto space are Rivian Automotive RIVN, Standard Motor Products SMP and Luminar Technologies LAZR, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The Zacks Consensus Estimate for Rivian's current-year loss is pegged at $2.49 per share, implying a 38.37% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters while missing the rest. Rivian delivered an average earnings surprise of 10.81%. The Zacks Consensus Estimate for SMP's current-year earnings is pegged at $3.57 per share, indicating a 12.62% year-over-year earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 38.55%. SMP's shares have gained 4.8% in the past year. The Zacks Consensus Estimate for Luminar's 2025 loss is pegged at $4.29 per share, indicating a rise of 53.57% from year-ago levels. The company's earnings beat the consensus estimate in each of the trailing four quarters, with an average surprise of 11.79%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Toyota Motor Corporation (TM) : Free Stock Analysis Report Standard Motor Products, Inc. (SMP) : Free Stock Analysis Report Luminar Technologies, Inc. (LAZR) : Free Stock Analysis Report Rivian Automotive, Inc. (RIVN) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
2 days ago
- Automotive
- Daily Mail
Toyota to shift production of its performance car from Japan to the UK
Toyota plans to expand its car production in the UK to allow more North American enthusiasts to get their hands on its latest hot hatch, suggesting manufacturers are enjoying a Brexit boost amid Donald Trump's trade war. The world's biggest car maker, worth about £200billion, will start moving some of its assembly for the GR Corolla performance model from its native Japan to the Burnaston plant in Derbyshire - once it sets up a dedicated production line. Expected to start by mid 2026, experts say the Japanese company's move is a sign of Britain's attractiveness to firms deciding where to set up factories. The UK is 'well-placed to act as a bridge between the US and EU,' said Alex Altmann from business advisers Lubbock Fine, adding that Brexit allowed the UK to 'tailor its regulatory framework to better suit domestic industries'. A trade deal with the US to reduce tariffs from 25 per cent to 10 per cent for up to 100,000 UK-made cars per year also adds to the UK's desirability - and could mean other manufacturers will follow suit. There's reportedly a sizable appetite for the 300hp GR Corolla in the US, and sources say that Toyota will use excess capacity in the UK to better supply the market and shorten wait time for customers over the pond. Two people familiar with the matter, who spoke anonymously to Reuters, said that Toyota will spend over £41million ($56m) on the assembly line dedicated to North American GR Corolla exports. The Trump administration agreed this month to cut tariffs on auto imports from Britain, however the sources said Toyota's move was not a reaction to the President's tariffs. Japan is currently in line to be hit with the higher 25 per cent import levies due to be introduced on 9 July. Even though GR Corolla imports from the UK to US would likely pay a smaller import fee than they do currently from Japan, the two anonymous commenters insisted that the move has been sparked only by the fact Toyota had been unable to keep up with demand from petrolheads on the other side of the Atlantic. The production line will be set up at the Derbyshire factory to produce 10,000 of the hot hatches per year and begin outputs from the middle of next year, according to the sources. Burnaston began operations in 1992 and already produces the normal hatchback and hybrid estate Corolla for UK and European markets. Despite suffering a decline in manufacturing since Brexit, its advanced production technology and Corolla expertise make it a natural choice, one of the people said. Engineers will be temporarily dispatched from Japan to share production technology and other expertise as well. Burnaston already produces the normal hatchback and hybrid estate Corolla for UK and European markets and has advanced production methods which sources say makes it perfect for the GR The 'GR factory' Motomachi plant in Japan assembled 25,000 cars last year, around a third of which are Corollas, but is reportedly at full capacity. The shift to UK GR Corolla production also lends credence to the theory that the GR Corolla could launch in Europe soon. Currently it is only offered in a number of enthusiast markets including the US and Japan, but prototypes were spotted testing at the Nürburgring last year. Currently UK hot hatch fans have the GR Yaris but demand is so high that Toyota uses a ballot system. In response to Reuters questions, Toyota said it was always looking for ways to optimise production, but that the report was not something the company had publicly announced. This is Money contacted Toyota UK, which has declined to comment.
Car and Driver
2 days ago
- Automotive
- Car and Driver
Toyota Is Reportedly Moving Some GR Corolla Production to Britain
Toyota is planning to move some GR Corolla production from Japan to Britain, according to a report from Reuters. The automaker will spend roughly $56 million on a dedicated production line to build exports of the hatchback for North America. The move is an attempt by Toyota to utilize excess capacity in Britain and to cut wait times for the GR Corolla amidst high demand for the hot hatch. Toyota knows driving enthusiasts in North America want a GR Corolla, and it's actually doing something to try to shorten delivery wait times. That's according to a new report by Reuters that claims Toyota is planning to shift some GR Corolla production from Japan to Britain. The automaker is reportedly planning to spend around $56 million to set up a new production line dedicated to North American exports of the GR Corolla. Currently, production of the fiestiest Corolla model takes place at Toyota's Motomachi Plant in Toyota City, but according to Reuters' sources, that line is already at full capacity. View Interior Photos Toyota With increasing production numbers at Motomachi out of the question, Toyota is looking to Britain to make use of excess production capacity and cut delivery wait times for the GR Corolla in North America. The new line would be set up at Toyota's Burnaston plant and would add an annual production of around 10,000 cars to be exported to North America. The report indicates that the new line would be operational by the middle of 2026. The report also claims that strong demand in the United States for hybrids is keeping Toyota's U.S. plants from being able to take on the GR Corolla's production. Along with the news that Toyota could be planning to build even more of its splendid little hatchbacks, Reuters' sources also informed the outlet that whether exporting from Japan or Britain, Toyota plans to absorb any cost increases from tariffs through cost-cutting and has no plans to raise prices of the GR Corolla. Jack Fitzgerald Associate News Editor Jack Fitzgerald's love for cars stems from his as yet unshakable addiction to Formula 1. After a brief stint as a detailer for a local dealership group in college, he knew he needed a more permanent way to drive all the new cars he couldn't afford and decided to pursue a career in auto writing. By hounding his college professors at the University of Wisconsin-Milwaukee, he was able to travel Wisconsin seeking out stories in the auto world before landing his dream job at Car and Driver. His new goal is to delay the inevitable demise of his 2010 Volkswagen Golf. Read full bio
Spectator
2 days ago
- Automotive
- Spectator
Britain's America deal is paying off
Exports would be impossible. The supply chains would be snarled up. And trade restrictions would destroy the economics of the industry. We have been lectured endlessly on how our departure from the EU would destroy the British car industry. But hold on. It is now finding a new niche as an offshore manufacturing hub for the American market – and that is only possible because of Brexit. The Japanese auto giant Toyota has today announced a major new investment in the UK. It's a plant in Derbyshire will start making GR Corolla's, a popular high performance model in America. The reason is simple. Right now, Japanese cars shipped across the Pacific face a 25 per cent tariff if they are sold in the United States. If the car was made anywhere in the EU it would face a 50 per cent tariff from July, at least on the current policy. By contrast, under the terms of the UK:s trade deal with the US, the tariffs will only be 10 per cent , at least up to the first 100,000 vehicles.
