Tokyo―CHINA FAW GROUP CORPORATION (FAW) and TOYOTA MOTOR CORPORATION (TMC), at a signing ceremony in Tokyo attended by FAW President Zhu Yanfeng, TMC President Fujio Cho and other company officials, agreed today to jointly produce four different Toyota-brand vehicle models in China.
This development follows a basic agreement signed by FAW and TMC on Aug. 29 at the People's Congress Hall in Beijing to establish strategic and long-term collaborative ties regarding automotive operations in China. To be able to jointly produce and sell vehicles on a scale of 300,000 to 400,000 vehicles a year by 2010, the two companies decided in the basic agreement to center their efforts on three types of vehicles: medium/large-class luxury sedans, small passenger cars and medium/large-class luxury SUVs. Today's signing represents a more specific agreement between FAW and TMC regarding joint production and technology transfer.
The four vehicle models to be produced are: the Crown, in the medium/large-class luxury sedan category; the Corolla, in the small passenger car category and which is being positioned in response to the rapidly expanding Chinese market; and the Land Cruiser and Land Cruiser Prado, in the medium/large-class luxury SUV category.
Through their cooperative efforts, FAW and TMC aim to contribute as much as possible to the further development of China's automotive industry.
Details of planned production are as follows:
