Toyota said it formed a joint venture to produce car engines in Guangdong province with Guangzhou Automobile. Toyota will control 70% of the JV, Guangqi Toyota Engine, which is capitalized at US$135 million. The facility will begin operation in 2005 with an initial annual production capacity of 25,000 units, which will later be expanded to 300,000 units. Two-thirds of the cars will be exported.
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