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Toyota has ambitious plan to tap China's auto logistics market
Shanghai, November 5, (Gasgoo.com) - Tongfang Global Logistics Co. Ltd, a three-party joint venture led by Toyota, which was formed in July, started operation in early October without much publicity.
With a total investment of $5 million, the joint venture was funded by Toyota (40%) and its two Chinese partners, Guangzhou Auto Group (35%) and FAW (25%). The joint venture was formed to create synergy among the Toyota's local partners in China as well as other parts suppliers, local media China Times reported.
Currently FAW Toyota has production bases in two cities in North China, namely Tianjin, and Changchun, and one in Southwestern city of Chengdu, while Guangzhou Toyota has plants in Guangzhou. The two joint ventures, with different product lineups, used to operate in separate logistics and distribution networks.
Toyota Motor (China) Investment Co., which is taking temporary management of the joint venture, said the joint venture would have eight major clients, namely, five joint ventures between Toyota and FAW, two joint venture companies between Toyota and Guangzhou Auto Group and the Toyota Motor (China) Investment.
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