Toyota Tsusho to Establish Car Navigation Joint Venture in China

Tokyo April 30, 2004 (JCNN) - Toyota Tsusho, in cooperation with Chinese digital map developer China NavInfo, will establish in May a joint venture to develop and sell car navigation products in China, a market where the car navigation business is expected to grow as automobile sales continue to soar.

To be capitalized at 98 million yen, China Navi System will be owned 51% by China NavInfo and 49% by Toyota Tsusho. The new company, which will initially employ 27 people, will aim for sales of five billion yen ($45.9 mil) in fiscal 2008.

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