Toyota sets up joint sales company with Chinese firms

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Last updated at: (Beijing Time) Tuesday, October 28, 2003

Toyota sets up joint sales company with Chinese firms

Toyota Motor Corp. said Tuesday it has jointly established a vehicle sales company in Beijing with China FAW Group Corp. (FAW) to strengthen the two firms' automobile operations in China.

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Toyota Motor Corp. said Tuesday it has jointly established a vehicle sales company in Beijing with China FAW Group Corp. (FAW) to strengthen the two firms' automobile operations in China.

FAW Toyota Motor Sales Co. was established on Sep. 25, with a capital of 25 million US dollars, and plans to begin operations onNov. 1, the largest Japanese automaker said.

The new firm will be owned 36 percent by FAW, 32 percent by Toyota, 25 percent by Tianjin FAW Toyota Motor Co., 5 percent by Sichuan Toyota Motor Co. and the remaining 2 percent by Changchun FAW Fengyue Auto Co.

The new firm will handle sales and after-sales service of Toyota and Daihatsu Motor Co.'s "DARIO" brand vehicles and parts and accessories produced in China, Toyota said.

It will handle vehicles includes the midsize bus Coaster, the VIOS compact sedan, the Crown luxury sedan, the Land Cruiser sport-utility vehicle (SUV), the Land Cruiser Prado SUV and the Corolla passenger car, Toyota said.

The new company's head office is located in Beijing, with branch offices set up in Tianjin, Changchun, Chengdu, Shanghai andGuangzhou, Toyota said.

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