Toyota Motor Corp. receives approval from the Chinese government for an engine joint venture with Guangzhou Automobile Group Co. Ltd. The JV, to be located in Guangzhou, China, reportedly will produce 500,000 engines annually for the Camry sedan, but Toyota officially declines to name the model the engines will be used in or specify output levels. Toyota will hold a 70% stake in the JV, in which it is investing ¥30 billion ($276 million).
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