Toyota to create sales firm in China<\/p>\n
TOKYO: Japan's top automaker Toyota plans to become the first
\nforeign firm to build a nationwide auto sales network in China, a
\npress report said on Sunday.<\/p>\n
Toyota Motor Corp. has reached an agreement with China's
\nbiggest carmaker China FAW Group Corp. to establish a sales firm
\nfor autos made by their joint ventures, the Nihon Keizai Shimbun
\nsaid.<\/p>\n
As sales by the joint ventures in China are now conducted
\nseparately, the planned firm is expected to greatly enhance
\nmarketing efficiency, the leading business daily said.<\/p>\n
The two partners intend to own equal shares of the sales firm,
\nwhich is expected to be set up by year's end after obtaining
\npermission from the Beijing government.<\/p>\n
The number of sales outlets are expected to double to more
\nthan 100.<\/p>\n
The move is part of Toyota's drive to capture 10 percent of
\nChina's fast-growing vehicle market by 2010. The company aims to
\ndouble its annual output in China to more than 200,000 vehicles,
\nthe daily said.<\/p>\n
Last October, Toyota began production of its Vios compact
\nsedan through the Tianjin Toyota Motor Co., a joint venture with
\nChina FAW, and also set up a sales company to sell the Vios. The
\ncar is sold through about 50 dealerships.<\/p>\n
Toyota and its Chinese partner began producing its Land
\nCruiser Prado sports-utility vehicles last month at Sichuan
\nToyota Motor Co., another joint venture with China FAW.<\/p>\n
Last week, Toyota also began production of another SUV, the
\nLand Cruiser 100, at a subsidiary of China FAW in Changchun --AFP<\/p>",
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