Toyota to triple production in China

Toyota to triple production in China

Japanese automaker and the world’s second largest car manufacturer Toyota has plans to triple their manufacturing capacity in the Chinese market.

The company is aiming to increase the capacities to about 900,000 vehicles per year by 2010. This claim has been made in a report by the Asahi Shimbun newspaper in Japan.

The automobile market is growing heavily in the Chinese market with year-on-year passenger vehicle sales in China surging by 50 percent, to 1.7 million units, in the first four months of 2006.

Prices have gone down largely in this market and this has resulted in increased demands for newer cars from the popular makers of cars in the region.

Sales are expected to touch 6 million units from 5 million units last year.

The report claimed that the company would build a second factory in Guangzhou that will begin production by the end of 2008.