Toyota Motor Corp. plans to conduct a joint survey with the Saudi Arabian government to explore the feasibility of building vehicles in Saudi Arabia, according to a report in Yomiuri Shimbun, Japan’s largest newspaper.
To move away from being an oil-dependent economy, Saudi Arabia is aiming to diversify and nurture its industries, including manufacturing. It is particularly keen to attract the automobile industry, the paper reported.
The automobile market in Saudi Arabia has grown steadily in recent years, with the number of car sales reaching about 880,000 units in 2015, making it larger than the markets in well-developed automotive cultures, such as Argentina and Thailand. (more…)