Major funding announcement for Toyota plants in Cambridge, Woodstock
Nearly half a billion dollars is being pumped into Toyota’s operations in Cambridge and Woodstock.
CTV News has learned that Toyota is investing $421 million dollars into the two plants. Another $42 million in grant money will come from the province and the federal government is contributing a $58 million loan.
The deal also secures 8,000 jobs at both the Cambridge and Woodstock plants.
The money will be used to invest in new technology, possibly paving the way for a new Lexus model to be assembled in Ontario.
Toyota announced in April that it would move production of the Corolla to Mexico. At that time the company promised to bring a new product and invest millions in the Cambridge plant.
The announcement is expected to be formally announced on Friday morning.