General Motors, Ford and Toyota have all released details about their ongoing expansion in China, the world’s fastest growing automobile market.
All three currently have a foothold in the Chinese market, with GM leading the race with its joint venture managing over 1 million sales last year.
GM Vice President Ken Cole said his company has signed a framework pact for “the sale and export of approximately USD $1 billion worth of vehicles, components, machinery and equipment to our flagship joint venture in China,”
Meanwhile, Ford has signed a similar deal worth more than USD $800 million. That deal includes the sale of more than 30,000 North American-built vehicles to China starting from 2009. Additionally the blue oval will sell transmission components and parts (starting this year) to its joint venture in China.
Not to be outdone, Toyota has announced plans to build a second production line in China, which will cost $380 million in investments. The new production line will build more Toyota Camrys.
Currently Toyota already assembles around 200,000 Camry and Yaris models in China, but it plans to add another 120,000 vehicles thanks to the new line, which should open by mid-2009. That capacity will expand to 200,000 in the future, Toyota says.