TOYOTA Motor Corp began building a second plant in Guangzhou, China today to meet rising demand in the world's second largest vehicle market, Bloomberg said today.
The new plant will make Camry sedans and Yaris compacts, Liang Jing, an official in the management department of Toyota's venture in the southern Chinese city, said by phone today. The factory will take more than a year to build, she added.
Work on the factory, Toyota's seventh in China, follows the opening of its third plant in the northern city of Tianjin last month. The company aims to boost sales in the country by a third this year and to grab a 10 percent share of the Chinese car market by 2010.
Guangzhou Toyota Motor Co, Toyota's venture with Guangzhou Automobile Group Co, started making cars last year with a designed annual production capacity of 200,000. The venture, which began operating two shifts in October, aims to make 150,000 Camry sedans this year, Liang said.
Toyota's total production capacity in China is about 620,000 units, Yang Hongjian, the carmaker's Beijing-based spokeswoman, said by phone today. She declined to provide details on the second plant in Guangzhou.
The Toyota-based company, Japan's largest automaker, had a 6.5 percent share of China's car market last year.