Toyota Motor Corp. and Guangzhou Automobile Group Co. Ltd. break ground Feb. 24 on their new engine-making joint venture. Guangqi Toyota Engine Ltd. will begin production of 2.4L gas-powered engines at the beginning of next year. The Guangzhou-based JV is targeting eventual capacity of 300,000 units annually, with a first-year production goal of 25,000 engines, all of which are slated for export to Japan. The venture is capitalized at RMB1.1 billion ($132.9 million), with Toyota holding ...

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