FAW Toyota to relocate Chengdu plant to double capacity

Toyota Motor Corp., the world's largest automaker by value, will spend 3.6 billion yuan ($524 million) to relocate a factory in China by the first half of 2010 and more than double the plant's production capacity.

Toyota will move the factory, a joint venture with FAW Group Corp., from Chengdu to another part of the city, the company on its Web site today. The company said it plans to increase annual production capacity to 30,000 vehicles from 13,000 units.