Jan. 17, 2005
Guangqi Toyota Engine Co., Ltd. Starts Making Engine Parts
Tokyo ― TOYOTA MOTOR CORPORATION (TMC) announced today that Guangqi Toyota Engine Co., Ltd. (GTE), a joint venture company it established together with GUANGZHOU AUTOMOBILE GROUP CO., LTD. (Guangzhou Automobile) for the production of automobile engines in Nansha, Guangzhou City, Guangdong Province, China, held a line-off ceremony today for engine parts.
This represents the first time production has commenced as part of the joint project undertaken by TMC and Guangzhou Automobile.
In attendance at the lively line-off ceremony at the GTE plant were Guangzhou Automobile Chairman Zhang Fangyou and President Lu Zhifeng, TMC Executive Vice President Kosuke Shiramizu and Managing Officer Akira Sasaki, China Office General Manager Etsuo Hattori and GTE President Keisaku Inoshita, along with many officials from the Guangzhou municipal government.
In addition to engine parts, GTE will begin production of 2.4-liter gasoline AZ engines in the autumn of 2005. It has an annual production capacity of 300,000 units and is scheduled to produce 25,000 engines in 2005. All engine parts and engines produced in 2005 are to be exported to Japan.
TMC and Guangzhou Automobile also established a new vehicle production and sales company, Guangzhou Toyota Motor Co., Ltd (GTMC) on Sept. 1, 2004. GTMC is scheduled to begin production and sales of the Camry in mid-2006, and plans also call for GTE to supply AZ engines to GTMC.
| Company name | Guangqi Toyota Engine Co., Ltd |
| Location | Nansha, Guangzhou City, Guangdong Province, PRC |
| Representatives | Chairman: Akio Toyoda (TMC Senior Managing Director) Vice Chairman: Yuan Zhongrong (Vice President, Guangzhou Automobile) President: Keisaku Inoshita Vice President: Wu Song |
| Established | February 24, 2004 |
| Duration of joint venture | 30 years |
| Capitalization | 1.1 billion yuan RMB (approx. 14.6 billion yen) |
| Investment | 2.2 billion yuan RMB (approx. 29.2 billion yen) |
| Equity participation | TMC: 70%; Guangzhou Automobile: 30% |
| Number of employees | 160 (approx. 500 at time of engine production commencement in autumn 2005) |
| Site area | 350,000 square meters |
| Product lineup | Engine parts (cam shaft, crank shaft, etc.), AZ engine (2.4-liter gasoline engine) |
| Production capacity | 300,000 units/year (2005 production plan: 25,000 units) |
| Production start | January 17, 2005 (engine parts) |
