March 16, 2017 / 9:55 AM / 4 months ago

Toyota to invest 240 million pounds in UK car plant

1 Min Read

LONDON, March 16 (Reuters) - Japanese carmaker Toyota said it will invest 240 million pounds ($294 million) in its British car plant to allow it to build vehicles on a new platform, helping to boost competitiveness and promote the use of locally-built components.

But the firm, which currently its Auris hatchback and family Avensis car at its Burnaston plant in the north of England, warned that continued tariff-free access to the European single market remained crucial as Britain leaves the EU.

"Our investment demonstrates that, as a company, we are doing all we can to raise the competitiveness of our Burnaston plant in Derbyshire," President and CEO of Toyota Motor Europe Dr Johan van Zyl said.

"Continued tariff-and-barrier free market access between the UK and Europe that is predictable and uncomplicated will be vital for future success."

$1 = 0.8164 pounds Reporting by Costas Pitas, Editing by Paul Sandle

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