China has approved a Toyota Motor Corp. joint venture which will have a total investment of 3.7 billion yuan ($447 million) to make Camry sedans in the southern city of Guangzhou, Reuters said, citing a mainland newspaper.
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The joint venture, which will be 50% owned each by Toyota and state-run Guangzhou Automobile Group Co. Ltd., will have an initial capacity of 100,000 Camrys a year, with engines of between 2.0 and 3.0 litres, the report said, adding that the plant will be built in the city’s new Nansha industrial zone.
Toyota will be the third Japanese auto manufacturer to produce cars in Guangzhou following Honda and Nissan, Reuters said.
The newspaper reportedly said Toyota and its Chinese partner will soon establish a joint venture company, and plant construction will start later this year.
The plant will use the engines produced by Toyota’s other Guangzhou joint venture, Guangqi Toyota Engine Ltd, Reuters added.
