Continuing the flow of foreign investment into China, Toyota and Volvo have signed joint venture deals worth $257 million with Chinese automakers.
Toyota has agreed a $152 million 50-50 joint venture with First Automotive Works, China’s biggest automaker, to build engines for upscale sedans. The venture will begin production in 2005 and will eventually aim for an annual production of 130,000 3.0 litre V6 gasoline engines.
Toyota has pledged more than $2 billion over the last year and a half in a series of ventures with Chinese partners, in order to catch up to Volkswagen and General Motors which dominate the foreign car market.
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