No, we’re not confused – Subaru’s parent company, Fuji Heavy Industries, and Toyota cooked up a deal in 2006 that creates more production capacity for the Camry by having Subaru of Indiana Automotive begin building the country’s best selling car. The deal was one of the first fruits born from Toyota’s decision to snatch up the 8.7% stake in Subaru that GM dropped back in 2005.
The agreement nets Toyota the ability to produce 100,000 more of the vanilla sedans per year (Toyota sold an already impressive 448,445 Camrys in 2006) at Subaru’s plant in Lafayette, Indiana. Subaru, meahwhile, snared a $230 million payment from Toyota to build even more of the best-seller, and 1,000 jobs have been added, as well, to nearly double the 120,000 Tribecas, Outbacks and Legacys the plant produced in 2006. The local community also netted a $60,000 donation to their zoo’s owl exhibit in return for support of the deal.
So, Toyota gets more Camrys to sell, Subaru earns money, the citizens of Lafayette, Indiana have 1,000 more jobs, and the owls at the Columbian Park Zoo win an upgrade to their exhibit. Maybe they’ll tell their other bird friends to aim for cars other than Camrys. [Toyota]