Toyota launches hybrid plant

Toyota announced a joint venture project to build hybrid gasoline-electric vehicles with FAW Group at a plant in northwestern China. Production of Toyota's Prius hybrid cars is expected to begin by the end of 2005, the first time the cars have been made outside of Japan. Neither company gave details about the level of investment in the project. Rising fuel prices have pushed demand for the Prius and other hybrid cars in the U.S., Europe and Japan and Toyota is hoping production in China will help increase its market share in the world's fastest growing market. Currently producing its Vios and Corolla models in China, the company wants to triple its share of the Chinese car vehicle market from 3% now to 10% by 2010.