Toyota Motor and Chinese partner Guangzhou Automobile reportedly will invest 3.8 billion yuan ($US459 million) to build a new plant in China, with an annual production capacity of 100,000 vehicles.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The 50-50 joint venture Guangzhou Toyota Motor Co., established on Wednesday and capitalised at 1.3 billion yuan, will begin production of mid-size Camry sedans in mid-2006, Toyota said in a statement cited by CBS Marketwatch.
Toyota reportedly said it expects the venture to play an important role in its operations in the world’s third-largest vehicle market.
A Toyota spokeswoman told CBS Marketwatch that Toyota’s joint venture with its other partner, First Automobile Works (FAW) Group in Tianjin, already produces low-end Corolla and Vios models in China and plans to produce high-end Crown models starting in spring 2005.
