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The joint venture, Sichuan FAW Toyota Motor Co., held a groundbreaking ceremony at the construction site Monday. It plans to invest 4 billion yuan (US$583.8 million) in the factory, but other details, such as when the facility will start production, have yet to be decided.
Auto sales are slowing in China. Toyota set a goal of increasing Chinese sales by 40 per cent this year, but January-September results fell short of this target, recording a 23.8 per cent sales gain to 429,000 units.
Toyota's aggregate output capacity in China stands at roughly 640,000 units a year. With the construction of the second Changchun plant and the ongoing expansion of a factory in Guangzhou, the leading Japanese automaker's total annual production capacity in China will likely reach around 1 million units by the mid-2010's.
The existing Changchun plant operated by the joint venture with China FAW Group Corp. is capable of assembling 10,000 vehicles a year, and is currently making the Prius and other models.
(Nikkei)
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