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TOYOTA MOTOR CORPORATION

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TOYOTA MOTOR CORPORATION : Toyota 'Fortuner' SUV Knockdown Production to Begin in Kazakhstan

02/12/2013 | 08:35am EDT

Astana, Kazakhstan, February 12, 2013-Toyota Motor Corporation (TMC) signed a memorandum of understanding (MoU) with the government of the Republic of Kazakhstan here today to begin local knockdown production of the "Fortuner" SUV.  Production of the vehicle will begin in the spring of 2014 at a facility of Saryarka AvtoProm LLP (SAP) in Kostanay, Kazakhstan at a planned pace of approximately 3,000 units per year.

The MoU was signed at a ceremony here by Kazakh Deputy Prime Minister and Minister of Industry and New Technologies Asset Issekeshev, and TMC Senior Managing Officer Didier Leroy, also President and CEO of Toyota Motor Europe NV/SA, TMC's holding subsidiary in Europe.

At the ceremony, Issekeshev said: "This project is a strategically important step towards the development of the automotive industry in Kazakhstan.  I believe it will lead the way for the engineering industry in Kazakhstan."

Leroy commented: "This project is an important milestone for Toyota and Kazakhstan, and is a product of our strong and cooperative relationship with the Kazakh government.  We strongly believe that the potential for economic growth and a strong automobile market here is excellent.  By starting production locally, we can actively contribute to the acceleration of motorization and industrialization of the country and I am convinced that Toyota will gain a new dimension in the market in order to attract and satisfy more customers."

Concerning the MoU, Toyota Motor Kazakhstan President Shingo Kato said: "We are very pleased by this MoU enabling Kazakhstan production of the Fortuner and I would like to express my heartfelt appreciation to the government and all the other people who made it possible.  Once this made-in-Kazakhstan true off-roader begins coming off the line here, we will be able to offer an extended model line-up, including ten imported Toyota models such as the Camry and the Land Cruiser, as well as seven Lexus models."

A contract will be signed later this month defining the roles, outlined below, of the parties involved.
 1) TMC: Provision of comprehensive technical guidance and assistance to SAP
 2) TMKZ: Vehicle sales
 3) SAP: Knockdown production
 4) Toyota Tsusho Corporation: Shipment of knockdown kit parts

TMC established Toyota Motor Kazakhstan LLP (TMKZ) as a sales and marketing company in May 2008 to import and sell Toyota- and Lexus-brand vehicles in Kazakhstan.  Kazakhstan was chosen as a location for knockdown production in consideration of its market potential.

Based on its founding philosophy of contributing to society through the manufacture of automobiles, TMC is committed to conducting business in a manner that contributes to the continued development of Kazakhstan's automobile industry and economy, as well as to providing products that exceed expectations.


Overview of Saryarka AvtoProm LLP (SAP)

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Sales 2022 31 050 B 282 B 282 B
Net income 2022 2 632 B 23 892 M 23 892 M
Net Debt 2022 18 904 B 172 B 172 B
P/E ratio 2022 10,6x
Yield 2022 2,89%
Capitalization 27 390 B 250 B 249 B
EV / Sales 2022 1,49x
EV / Sales 2023 1,41x
Nbr of Employees 366 283
Free-Float 72,0%
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Number of Analysts 21
Last Close Price 9 871,00 JPY
Average target price 10 921,05 JPY
Spread / Average Target 10,6%
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Managers and Directors
Akio Toyoda Executive President, CEO & Representative Director
Kenta Kon CFO, Director & Chief Officer-Accounting Group
Takeshi Uchiyamada Chairman
Keiji Yamamoto Chief Information, Security & Software Officer
Seiji Sakai Manager-Information Systems & IT Management
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