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HomeEconomyFinanceToyota Kenya launches Hiace assembly plant with 95% asset financing deal

Toyota Kenya launches Hiace assembly plant with 95% asset financing deal

Toyota Kenya launches Hiace assembly plant with 95% asset financing deal

Toyota Kenya has commissioned Hiace assembly line at the Associated Vehicle Assemblers Mombasa.

In line with the Buy Kenya Build Kenya initiative, the automotive industry is set to grow its share of the Gross Domestic Product (GDP) from 9.2 percent to 15 percent by 2022.

Toyota Kenya Managing Director Arvinder Reel described the achievement as a show of the company’s commitment to the already growing sector.

“The addition of the Hiace assembly line at AVA further entrenches Toyota Kenya’s commitment to supporting the growth of the manufacturing sector, one of the key pillars under the National Government’s Big Four Agenda. The auto industry firm already assembles 200 Hino trucks, 1,200 Hilux pick-ups, and 700 Land Cruiser pick-ups (currently used by the National Police Service and the Tour operators) annually.”

On her part, Cabinet Secretary for Industrialization, Trade and Enterprise Development Betty Maina said the move attests to the milestone attained by Toyota Kenya in leading the automotive sector in driving the industrialization and investing agenda in the country.

“In the years that followed, Toyota Kenya has grown from strength to strength and supporting the 4 pillars with the introduction of KD Hilux in 2019 and now today’s inauguration of this assembly line for Toyota Hiace is one of the many accomplishments Toyota has achieved this far.”

To ensure consumers can drive brand new vehicles with ease the firm have partnered with credible financial institutions to offer up to 95 percent for the Hiace.

The firm is now looking forward to the enactment of the National Automotive Policy which will also create employment, accelerate the expansion of local assembly, and enhance business in general.

The policy includes the reduction of the aged car limits for used car imports which in other countries has boosted new car sales to provide the economies of scale we need

Further, the automotive company revealed plans to introduce hybrid vehicles in Kenya.

Toyota Kenya has a network of over 31 authorized dealers and service centers across the country.

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