UPDATE 2-Volvo, Toyota ink $350 mln in China engine deals

Newswire

By Ben Blanchard and Yuka Obayashi SHANGHAI/TOKYO, March 29 (Reuters) - Car makers Toyota and Volvo inked two deals worth more than $350 million on Monday to make engines with China's top auto maker, enabling them to avoid costly import tariffs on parts. Toyota will set up a 50-50 joint venture worth 16 billion yen ($152 million) with First Automotive Works (FAW) to make 40,000 engines a year, initially for luxury cars, in the city of Changchun in northeastern China. FAW will also team ...

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