Toyota, partner to invest US$461 million in China

[dArKeR]

Toyota Motor Corp, Asia's largest carmaker, will invest 3.8 billion yuan (US$461 million) with its partner Guangzhou Automobile Group to expand in China and catch up with rivals that started making cars in the country earlier.

Toyota and Guangzhou Auto will build Camry models in a factory located in Guangzhou, the two companies said. The factory will start production in 2006 and have the annual capacity of at least 100,000 units.

Toyota is adding production and introducing new models to increase its share of China's car market to 10 percent by 2010 from its current 3 percent. It lags Honda Motor Co, which has 5 percent of the market, Volkswagen AG, the market leader with about 30 percent and General Motors Corp with about 12 percent.

http://www.taipeitimes.com/News/worldbiz/archives/2004/09/07/2003202000

(In case you guys aren't aware of it. In more than my opinion, China is a sleeping thing that makes a giant look like a dwarf. I don't think more than .005% of Americans have a clue how smart the Chinese are. When I was in the San Jose are back in early 80s, one could see nearly every head of the American hostpitals departmetns, corporate research labs(ATT, Bell, IBM, biotech...), Dept, of Energy, university research centers... most all were/are Chinese/Asian. Which makes a tragety that Bush has spent his 4 years doing nothing for Americas future. Spent all our money. Money that should have been spent on preparing America for the Chinese economic overthrow of America.)