Toyota Motor's China JV to build a new production line

Guangzhou Toyota Motor, the joint venture between Japanese auto giant Toyota Motor Corp and Chinese car maker Guangzhou Automobile Group Co, plans to build a second production line in Guangzhou, South China's Guangdong Province.

It plans to invest US$380 million in the production line which is scheduled to come on stream in Mid-2009 with initial annual production of 120,000 units. After completion, the new plant will produce Camry hybrids. And the production capacity will be boosted to 200,000 vehicles a year in the future.

Last year, Toyota sold 499,000 units in China, up 62.1% year-on-year, indicating a market share of around 5%. On this basis, the company targets to sell 700,000 units this year, up 40% from a year ago. To facilitating with the plan, it will raise its production capacity, with the aim to achieve annual sales of one million units in China by 2010.