Bloomberg reports that PSA Peugeot Citroen and Toyota Motor Corp. will get investment incentives of 1.3 billion koruna ($35.5 million) by 2004 for their future joint plant in the Czech Republic.

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The report quotes the central European media group Hospodarske Noviny as the source.

The companies said last month they chose the Czech city of Kolin as the location for a new, 1.5 billion-euro ($1.3 billion) factory to build small, low-cost cars for the European market.

Production of the 1.0 and 1.4 litre cars in the joint venture is scheduled to begin in 2005. The plant is expected to have a production capacity of around 300,000 units per annum and the cars will be branded separately for Toyota and the two PSA marques.

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