Toyota to raise capacity at mainland plant
Toyota Motor Corp announced yesterday that it was investing 1.5 billion yuan (HK$1.67 billion) to expand production capacity at a joint venture it holds through Guangzhou Automotive Industry Corp with Jilin-based First Automobile Works.
The plant in Tianjin is scheduled to begin production by next year with a capacity of 150,000 units per year, compared with an original target of 100,000 units.
After the expansion, FAW-Toyota will be capable of producing 450,000 units a year. The company said raising its economy of scale would help it meet surging domestic demand.
In November last year, Toyota raised its mainland sales target for this year to 700,000 vehicles, up from an earlier goal of 500,000 units.
The joint venture sold 480,000 vehicles on the mainland last year, led by its best-selling Camry.