SHANGHAI: Japanese automaker Toyota Motor Corp said on Friday it would launch a new China joint venture with Chinese auto companies to develop fuel cell systems.
Toyota said it will launch the Beijing-based venture with FAW Group, Dongfeng Motor, Beijing Automotive, GAC and Beijing SinoHytec.
The total investment amount will be about 5.02 billion yen ($46 million), Toyota said in a statement, adding it will hold a 65pc share of the venture.
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