Toyota Launches Financial Services Company in Ireland

By Nathaniel Valyo, National News Writer

Minister of State for Financial Services Michael D’Arcy attended the ceremony, calling the joint venture a “historic occasion.” As a long-time proponent for a dominant presence in international financial services, D’Arcy praised the move, “The introduction of Toyota Financial Services (Ireland) is a significant vote of confidence in the Irish economy and a powerful signal to the international financial services industry that the financial services arm of the World’s largest motor manufacturer, Toyota Motor Corporation, has entered the Irish market in partnership with Toyota Ireland.”

Chief executive of Toyota Ireland Steve Tormey was also present at the ceremony. He said, “We predict Toyota Financial Services (Ireland) will have a significant impact on the Irish motor market and we would expect to write somewhere in the region of 4,000 new and used contracts in the coming 12 months with a total value in excess of €70 Million.” The company also announced that 25 new jobs would be created at their Dublin headquarters because of the new partnership.

Some of the main targets of Toyota Financial Services (Ireland) are hybrid and electric cars, a rapidly developing market in Ireland. “A critical element in this mix will be our ability to provide finance for the rapidly growing Hybrid sector which has seen major growth in the January market with 48 percent of Toyota’s sales (4,393) being hybrid,” said Tormey in his statement. “This is truly remarkable growth and a clear indicator that Hybrid technology is seen by the public as a vital stepping stone in their journey towards electrification at some time in the future.”

 

A version of this article appeared in the Tuesday, February 27th print edition.

Contact Nathaniel at

nathaniel.valyo@student.shu.edu

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