Toyota Motor Corp. on July 25 announced the establishment of Toyota Motor (Changshu) Auto Parts Co. (TMCAP) in the Changshu Southeast Economic Development Zone, Jiangsu province, China.
The transmission-production company, set up on July 23, is scheduled to start production in September 2014 with a planned initial production capacity of 240,000 units a year.
Approximately $285 million (22.28 billion yen) is being invested in the project, with the new company expected to create 850 jobs.
TMCAP will primarily produce continuously variable transmissions (CVTs) that Toyota uses on gasoline-engine vehicles with small engine displacement to improve driving performance while achieving high fuel efficiency. Toyota decided to begin CVT production in China in preparation for the expected demand increase there for small-engine vehicles.
"By producing CVTs in China, we will be able to provide high-performance, fuel-efficient cars to even more consumers in China," said TMCAP President Hirokazu Yase.
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