Toyota makes parts in China

Toyota makes parts in China

TOKYO (AFP): Japan's Toyota Motor Corp. said yesterday it had established a joint venture in southern China to make steering parts and propeller shafts.

Toyota has a 30 percent stake in the venture, Tianjin Jinfeng Auto Parts Co. Ltd., with the balance held by Tianjin Automobile Industrial (Group) Co. Ltd. and a subsidiary of the Chinese firm, Japan's largest auto maker said.

The venture has capital of 104 million yuan (12.5 million dollars), it said in a statement.

The plant would produce steering parts for 240,000 vehicles a year, and propeller shafts for 110,000 vehicles.

Toyota has 10 joint ventures or technical assistance projects in the Tianjin area.