Tuesday, May 13, 2008

Toyota plans US$215 mln China expansion

Toyota Motor Corp, the world's second largest automaker by annual vehicle sales, planned to inject RMB 1.5 billion (about US$215 million) to boost production capacity at a facility in North China, according to sources.

With the new pool of money, it is expected to increase the production capacity at the plant in Tianjin Municipality by 50% to 150,000 vehicles a year. The expansion is scheduled for completion by the end of 2009, the company said in a statement.

Meanwhile, Faw Toyota, its venture with China's Faw Group, will be able to produce 470,000 units a year from 420,000 units. Thus, the Japanese carmaker's overall capacity in China will be boosted to approximately 690,000 units.

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