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The world's auto giants Toyota and Volvo have inked two deals to make engines with China's top car maker, the First Automotive Works.
The combined deals are worth more than US$350 million and will enable them to avoid costly import tariffs on parts.
Toyota, Japan's largest automaker, will set up a joint venture with FAW, in the northeastern city of Changchun, to make 40,000 engines a year.
Volvo, the world second largest truck producer, will team up with FAW and China National Heavy Truck to build a 200 million-plus US dollars plant.
Volvo expects to sell 2,000 trucks in China this year and 10,000 by 2008.
(CRI March 30, 2004)
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