Section 5. Latin America, Africa, and Middle East
Item 2. Production Site Expansion
IMV production start - Argentina
In 2001, Argentina faced an economic crisis during which its government stopped making payments on its foreign debt. Under this harsh economic environment, TASA completely redesigned the Hilux to stimulate sales in the stagnating market. Furthermore, in 2002, TMC announced that it was starting the IMV project. This sent a strong message that Toyota believed in Argentina even when it was facing a difficult junction in its history, helping Toyota win the trust of the Argentinean government and customers.
TASA increased the production capacity of its Zarate Plant to 50,000 vehicles a year, and began producing the IMV in 2005. With the goal of satisfying the wide-ranging market demand of the Latin American countries, both the pickup and SUV IMV models were made with a wide variety of drive types, cabin formats, and engines, for a total of 19 variations. These models were exported to a total of 20 Latin American countries, including Mexico and the Caribbean region. Later, as production and export picked up speed, TASA built a new stamping plant in 2006 and a new bumper-painting plant in 2007, increasing its annual production capacity to 70,000 vehicles.