Toyota announced it formed a US$152 million car engine joint venture with First Automotive Works. The 50:50 venture, FAW Toyota Changchun Engine, will be based in Changchun, Jilin Province. Toyota said the joint venture will produce 3.0-liter V6 gasoline engines at an annual rate of 130,000 units. Production will begin in 2005, when a total of 40,000 engines will be produced. The engines are designed to be installed in the Toyota Crown. Toyota recently formed another engine JV with Guangzhou Automobile Group.
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