Hino and Guangzhou Automobile Group formed a JV
Japanese truck maker Hino Motors Ltd and China's Guangzhou Automobile Group said on Tuesday they formed a joint venture in China and aimed to begin production at a new factory in Guangzhou in mid-2009.
Hino, the truck unit of Toyota Motor Corp, and Guangzhou Auto earlier this year won regulatory approval to make trucks and buses in China, and to restructure two existing automakers in which Hino and Guangzhou Auto have equity.
The new 50-50 venture, called Guangqi Hino Motors Co, will continue to build products at an existing factory belonging to the
Guangzhou Auto-held venture, and also construct a new factory in the southeastern city of Guangzhou.Guangqi Hino Motors is capitalized at $200 million, the partners said in a statement.
Hino, which has been struggling in China where low-cost local makers dominate the market, exports about 1,500 heavy-duty trucks to China a year. Guangzhou Auto also has local ventures with Japan's Honda Motor Co and Toyota.
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