Toyota Motor Corp, the world's leading auto maker, forecast car sales at its China joint ventures will increase 36% to 640,000 vehicles in the fiscal year of 2008 to Mar. 31, 2009.
In the forecast report, Toyota does not include sales at its Chinese joint ventures in its tally for group-wide global sales due to its trifle stakes in them.
Toyota and Chinese joint venture partner First Automotive Works (FAW) agreed to invest RMB 3.6 billion to increase production capacity at an existing plant in Changchun, northeast of China's Jilin province, according to the official earlier reports. Last year, its auto sales at China joint ventures amounted to 470,000 vehicles.
The auto giant announced its net profit in the first quarter of this year dropped 28%, much more than estimation, due to a stronger yen and cooling sales on the U.S. market. It also forecast its first annual profit shrink in seven years, according to sources close to the situation.
