Toyota, Guangzhou(Canton)Automobile Perform Groundbreaking
Ceremony for Engine Production Company in China
Tokyo, Japan, Feb. 25, 2004 - (JCN Newswire) - GUANGZHOU AUTOMOBILE
GROUP CO., LTD. (Guangzhou Automobile) and TOYOTA MOTOR CORPORATION
held a groundbreaking ceremony today for
their new joint venture, Guangqi Toyota Engine, Ltd. (GTE), established
on Feb. 24 for the production of automobile engines.
GTE will begin production of engine parts at the beginning of 2005 and
commence production of Toyota 2.4-liter gasoline AZ engines in autumn of
the same year. It will have an annual production capacity of 300,000
units and is scheduled to produce 25,000 engines in 2005, all of which
are to be exported to Japan.
GTE is capitalized at 1.1 billion yuan RMB (approx. 14.6 billion yen),
with TMC investing 70% of the capital and Guangzhou Automobile the
remaining 30%. TMC Senior Managing Director Akio Toyoda is scheduled to
assume the post of chairman of the new company, and Project General
Manager (China Div.) Keisaku Inoshita the post of president.
The lively groundbreaking ceremony began at 10 a.m. local time (11 a.m.
Japan time) on Feb. 25, with Guangzhou Automobile Chairman Zhang Fangyou
and President Lu Zhifeng, and TMC Senior Managing Director Akio Toyoda
and China Office General Manager Etsuo Hattori in attendance, along with
many officials from the central government, Guangdong provincial
government and Guangzhou municipal government.
During the course of the ceremony, Guangzhou Automobile Chairman Zhang
commented that "Guangzhou Automobile and TMC have succeeded in forming
this collaboration by complimenting each other's needs in order to
realize the companies' mutual strategies and goals," while TMC Senior
Managing Director Toyoda expressed his hope that "this important project
in Guangzhou, which is the largest automobile market in China, will be
up and running as soon as possible and that everyone will work hard to
ensure its future success."
Outline of Guangqi Toyota Engine Co., Ltd. (GTE)
Company name Guangqi Toyota Engine, Co., Ltd.
Location Nansha, Guangzhou City, Guangdong Province,
PRC
Representatives
Chairman: Akio Toyoda (TMC Senior Managing
Director)
Vice chairman: Yuan Zhongrong
(Chief Engineer, Guangzhou Automobile)
President: Keisaku Inoshita
(Project General Manager, China Div.)
Vice president: Wu Song
(Deputy Chief of Executive Group, GT
Project,
Guangzhou Automobile)
Established February 24, 2004
Duration of JV 30 years
Capitalization 1.1 billion yuan RMB (approx. 14.6 billion
yen)
Investment 2.2 billion yuan RMB (approx. 29.2 billion
yen)
Equity participation TMC: 70%; Guangzhou Automobile: 30%
Number of employees Approx. 200
(at time of engine production commencement,
autumn 2005)
Site area 350,000 square meters
Product lineup Engine parts (camshafts, crankshafts),
AZ engine (2.4-liter gasoline engine)
Production capacity 300,000 units/year (2005 production plan:
25,000 units)
Production start Beginning of 2005
Outline of Guangzhou Automobile Group Co., Ltd
Company name Guangzhou Automobile Group Co., Ltd.
Location Guangzhou City, Guangdong Province, PRC
Representatives Chairman: Zhang Fangyou; President: Lu
Zhifeng
Established June 1997
Number of employee Approx. 16,700 (as of the end of December
2003)
Product lineup Production and sales of automobiles,
motorcycles and
parts and other related operations
About Toyota Motor Corporation
Toyota Motor Corporation was established in 1937
and is one of the world's biggest automakers operating worldwide. The
company operates a joint venture with General Motors in California.
Toyota enjoys a strong 40%-plus domestic market share (excluding
minicars). Boasts highly efficient production thru lean production
system.For further information, please visit the Toyota Motor
Corporation home page at: www.global.toyota.com/index.html
<http://www.global.toyota.com/index.html>
