trending Market Intelligence /marketintelligence/en/news-insights/trending/Ge7TybiLuTMhOzfjZXKg1g2 content esgSubNav
In This List

Toyota to build assembly plant in Cote d'Ivoire

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Toyota to build assembly plant in Cote d'Ivoire

Toyota Motor Corp. signed a deal with the government of Cote d'Ivoire to build a vehicle assembly plant in the West African country, Reuters reported Aug. 29, citing a statement from the office of Prime Minister Amadou Gon Coulibaly.

The agreement was signed at a Japan-Africa development conference in Yokohama, Japan, the report said.

The statement did not disclose the types of vehicles that the Japanese carmaker plans to produce in Cote d'Ivoire, but it did note that the plant would be launched by the end of 2019, Reuters said.

The report comes about three years after Toyota unit Toyota Tsusho Corp., which provides sales financing for Toyota vehicles, acquired French car retailer CFAO Motors Cote d'Ivoire SA, which operates in 35 countries in Africa.

Aside from Toyota, other global carmakers including Volkswagen AG, Bayerische Motoren Werke AG and Nissan Motor Co. Ltd. are now seeking to enter Africa, the news outlet said.

In April, Bloomberg News reported that Nissan is planning a huge investment in its South African plant to take advantage of the government's ongoing incentive program for international companies through 2035. The news outlet said at the time that Toyota, Volkswagen and BMW also started operating plants in the country in exchange for tax breaks.

In North Africa, Nissan agreed to form a manufacturing joint venture with Groupe Hasnaoui, its Algerian dealer.