Trade Minister Mark Vaile today welcomed the prospect of increased exports of Australian vehicles following today's announcement by Toyota Australia of a new investment of $321 million at its Altona plant in Victoria.

Toyota Australia will increase vehicle production capacity by 15 percent to 115,000 units in 2002 and employ a further 150 people.  The project will involve a new model Camry and an all new 4-cylinder engine with advanced features.

"Toyota's investment is an endorsement of the quality, capacity and competitiveness of the Australian automotive industry.  Not only will vehicle exports increase but the larger market will help improve the competitiveness of the Australian automotive component manufacturers.

 "The automotive sector continues to make a significant contribution to Australia's export performance.  Australian automotive exports reached a record $4.65 billion in the last financial year, an increase of more than 23 per cent on the previous financial year.

"Passenger motor vehicles are now Australia's 11^th largest merchandise export," said Mr Vaile. 

Vehicle exports increased by 41 per cent last financial year, with the Middle East's Gulf region the main export destination for Australian made vehicles. Saudi Arabia is Australia's biggest export market for vehicles taking $1.2 billion worth of vehicles in 2000-2001.  The United States remains Australia's number one export market for components ($488 million).

Toyota Australia currently exports to 33 countries.