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TOYOTA TO PRODUCE LUXURY CAR IN CHINA.
AsiaPulse News, August, 2003
TIANJIN, Aug 22 Asia Pulse - The Toyota Motor Corporation plans to invest US$311 million to produce its luxury "Crown" car model in China.
The first batch of Crowns is expected to roll off the production line in two years. And it will be the first time for Toyota to produce a luxury car outside Japan, according to a source with the motor corporation on August 21.
The increased capital will be used to build a new auto plant for the Tianjin Toyota company to make the Crown. Tianjin Toyota, a joint venture set up by Toyota and the Tianjin No. 1 Auto Corporation in the year 2000, is now manufacturing the Vios, an economy car model.
The investment increase plan will be implemented in compliance with an agreement between Toyota and the China FAW Group...
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