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Toyota opens first plant in Russia
ST PETERSBURG, Russia (Reuters) - Japan's top automaker, Toyota Motor Corp <7203.T> <TM.N>, will open its first plant in Russia on Friday, aiming to produce 50,000 Camry sedans annually, the company said in a statement.
The $121 million plant, which is also Russia's first to produce premium-class cars, is expected to increase output to 200,000 per year at a later stage.
Russian president Vladimir Putin and Economy Minister Elvira Nabiullina are expected to attend the opening ceremony in Russia's second largest city of St. Petersburg.
Sales of foreign car brands in Russia surged 63 percent in the first 11 months of this year.
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General Motors Corp <GM.N>, Ford Motor Co <F.N> and South Korea's Hyundai Motor Co <005380.KS> all build cars in Russia, and Japan's Nissan Motor Co <7201.T>, Suzuki Motor Corp <7269.T>, Mitsubishi Motors <7211.T> and France's PSA Peugeot Citroen <PEUP.PA> are scheduled to follow.
Toyota's flagship Camry sedan is the best-selling car in the United States in eight of the past nine years.
(Reporting by Denis Pinchuk, writing by Tanya Mosolova; Editing by Paul Bolding)