Toyota, FAW Agree on Joint Car Production in China

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Last updated at: (Beijing Time) Wednesday, April 09, 2003

Toyota, FAW Agree on Joint Car Production in China

Toyota Motor Corp. and China FAW Group Corp. (FAW) said Wednesday they have signed an agreement to jointly produce four kinds of Toyota vehicles in China.

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Toyota Motor Corp. and China FAW Group Corp. (FAW) said Wednesday they have signed an agreement to jointly produce four kinds of Toyota vehicles in China.

The move is in line with a basic accord reached by the two automakers last August to establish long-term strategic collaborative ties on automotive operations in China.

"Today's signing represents a more specific agreement between FAW and Toyota regarding joint production and technology transfer," the two automakers said in a statement.

The four models to be produced are the Crown, in the medium and large-class luxury sedan category, the Corolla, in the small passenger car category, and the Land Cruiser and Land Cruiser Prado, in the medium and large-class luxury sport-utility vehicle category, they said.

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