Honda Motor Co. Ltd. receives Chinese government approval to establish an export joint venture in the country with Guangzhou Auto Group and Dongfeng Motor Corp. Honda will hold a 65% controlling stake, Guangzhou 25% and Dongfeng 10%. All three will contribute funding for the JV, amounting to $193 million. Production is slated to begin in the second half of 2004, says Reuters. The JV will build small cars with 1L-1.5L engines for export to Asia and Europe. It is the first time China has ...

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