Toyota to Send U.S.-built Camry to S. Korea

2011-12-06

Washington - Toyota Motor Corp. said it plans to export its U.S.-built Camry sedan to South Korea, following the ratification of a free trade deal.
The Japanese automaker plans to export about 6,000 Camry vehicles annually to South Korea starting in January. Last month, Toyota started exporting its Sienna minivan to South Korea as well.
It's the first time Toyota will export the U.S.-built Camry outside North America. Toyota faces cost pressures in Japan in assembling vehicles there because of the strength of the Japanese yen.
"We are pleased with the reaction that the redesigned Camry is receiving from our customers, and the sales success it is having in the U.S. and overseas," said Yoshimi Inaba, president and chief operating officer of Toyota Motor North America. "The export of thousands of Camry vehicles to South Korea is an important development that builds on the great work of our talented U.S. team members as well as our extensive investments across North America."
Under the free trade deal, manufacturers that sell 25,000 or fewer U.S.-made autos and trucks in South Korea to import their U.S.-made vehicles into South Korea can meet U.S. federal safety standards rather than certifying to South Korean standards.
South Korea has cut its tariff on U.S. auto imports in half -- from 8 percent to 4 percent -- and fully eliminate that tariff in the fifth year. South Korea is also eliminating its 10 percent tariff on trucks.
Toyota assembles the Camry at its plant in Georgetown, Ky. The plant is Toyota's largest manufacturing facility outside of Japan, employing nearly 7,000.
Toyota has exported vehicles from the U.S. In small quantities since 1988 but said this was the first time it was shipping the top-selling Camry produced in Georgetown.
The Japanese automaker is reviewing its worldwide production networks as it grapples with the yen's steep rise against other currencies.
The Toyota Camry has been the top selling car in America for 13 of the last 14 years and a best-selling vehicle around the world.
Toyota began exporting U.S.-assembled vehicles in 1988. These exports increased 30 percent in 2010 to about 100,000 vehicles, the company said. Toyota now exports U.S.-assembled vehicles to 19 countries around the world.
The Camry is produced at Toyota's manufacturing plant in Georgetown, Ky., as well as at Subaru of Indiana Automotive Inc. in Lafayette, Ind.

David Shepardson/ Detroit News Washington Bureau