Toyota Motor Corp. announced Monday that the automaker has received formal permission from the Chinese government to soon establish a joint venture with a Chinese carmaker to produce a new compact model in Tianjin.
The Ministry of Foreign Trade and Economic Cooperation on Monday approved Toyota's plan to make up to 30,000 units annually with Tianjin Automobile Xiali Corp. from 2002.
Toyota and Tianjin Automobile Xiali will invest $100 million in the new company, Tianjin Toyota Motor Co., with each holding a 50 percent stake.