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Toyota Venture to Make Hybrid-Vehicle Batteries in China
Toyota Motor Corp. and China's Hunan Corun New Energy Co. plan to open a factory in Changshu and begin making nickel-metal hydride batteries for hybrid vehicle in about two years, The Nikkei reports.
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Toyota Motor Corp. and China's Hunan Corun New Energy Co. plan to open a factory in Changshu and begin making nickel-metal hydride batteries for hybrid vehicle in about two years, The Nikkei reports.
The Chinese plant will be operated by Corun PEVE (China) Automotive Battery Co., a joint venture to be capitalized at $52 million, according to the Tokyo-based newspaper.
The new company will be 41% owned by Primearth EV Energy Co. (Toyota's partnership with Panasonic Corp.) and 40% by Hunan Corun. Two Toyota affiliates will contribute a combined 9% to the venture.
The Nikkei did not indicate production targets or say which vehicles would use the factory's output.
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