In June 2005, Toyota, the world's second largest automaker, announced plans to build a new, $800 million automobile assembly plant in Woodstock on a 1,000-acre (4 km²) undeveloped undeveloped site in the city's northeast end. The plant was expected to employ 2000 people and begin full production of the Toyota RAV4 SUV in November 2008, at the rate of 150,000 a year. However, due to the recent economic problems and the slowing car sales, Toyota announced that production would be cut by 50% to 75,000 a year and the work force shrunk 40% to 1200 people. Fortunately the other 800 workers are expected to be recalled when car sales increase. It was the first new auto assembly plant to be built in Canada in two decades.