Japanese car giant expects to lend €70m in its first year; 50% of cars sold in January were hybrid models

Steve Tormey: Toyota’s chief executive in Ireland expects its new finance arm to provide funds for the rapidly growing hybrid sector.
Steve Tormey: Toyota’s chief executive in Ireland expects its new finance arm to provide funds for the rapidly growing hybrid sector.

Toyota has become the latest car manufacturer to open a finance house in Ireland, following in the footsteps of Volkswagen, Renault and BMW. On Tuesday, the Japanese car giant officially launched Toyota Financial Services (Ireland) (TFSI) at a ceremony in the company’s headquarters in Dublin, as it laid out plans to offer finance for the rapidly growing hybrid and electric car market.

As reported in the Irish Times earlier this month, the car brand will offer loans and finance deals on new and used vehicles through its dealer network, and expects to lend…