Toyota plans to make investment in China to boost eco-vehicle production
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E-mail Xinhua, May 10, 2019
Toyota Motor Corp. plans to make an investment of more than 2.2 billion U.S. dollars in China to boost output of eco-friendly vehicles, local media reported Thursday.
The Japanese automaker will cooperate with its Chinese partner Guangzhou Automobile Group Co. (GAC Group) to meet the growing demand for eco-cars.
According to GAC Group, Toyota plans to add 400,000 units to its eco-car production capacity per annum at GAC Toyota Motor Co. in Guangzhou, southern China, which is equally owned by Toyota and GAC.
GAC Toyota Motor plans to invest 1.6 billion dollars to expand production capacity in two phases for scheduled completion in 2022, Guangzhou Automobile said.
According to Toyota, the output of Toyota brand cars reached 599,000 units last year at the Guangzhou manufacturing unit.
Toyota and its Chinese partner also plan to strengthen engine production at their GAC Toyota Engine Co. in Guangdong Province.
An investment of 605 million dollars will be used to add 432,000 engines to annual output capacity which is expected to be completed in 2021 under a program set up by Toyota to enhance production quality and reduce costs with the introduction of new vehicle platform, the GAC Group said.
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