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20-12-2007
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 1.5 billion yuan ($200
million), the partners said in a statement.
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