Toyota Motor Corporation (TMC) announced April 12 that GAC Toyota Motor Company Ltd. (GTMC), TMC's joint vehicle-production and sales company with Guangzhou Automobile Group Company Ltd. (Guangzhou Automobile) in China, held a ceremony and press conference in Guangzhou, Guangdong, to mark the beginning of production and sales of the Camry Hybrid sedan. Sales start at 107 of GTMC's dealers but are planned to eventually expand to its entire dealer network.
Approximately 350 people attended the ceremony, including local and central government officials, various suppliers, dealers and members of the media.
More than half a million units of the non-hybrid Camry have been sold in China between its launch there in June 2006 and the end of February 2010. Plans call for the Camry Hybrid to be priced between 319,800 yuan and 364,800 yuan.
TMC has been actively carrying out business activities aimed at popularizing hybrid vehicles in China. At the end of 2005, the Prius became the first hybrid vehicle to be launched in China. The Prius was followed in 2007 by the hybrid version of the Lexus-brand flagship, the LS600h luxury sedan, and the Lexus RX400h* SUV. The Camry Hybrid follows the Lexus GS450h sports sedan, launched in 2009, to become the fifth Toyota- or Lexus-brand hybrid vehicle launched in China.
Outline of GTMC
| Company name | GAC Toyota Motor Company Ltd. | |
| Location | No. 8 Shinan Da Dao, Nansha District, Guangzhou, Guangdong, China | |
| Representatives |
President: Toru Kuzuhara Executive vice president: Feng Xing Ya |
|
| Establishment | September 1, 2004 | |
| Joint venture term | 30 years | |
| Capitalization | 332,860,000 U.S. dollars | |
| Equity participation |
Guangzhou Automobile: 50% TMC: 30.5% Toyota Motor (China) Investment Co., Ltd. (TMCI): 19.5% |
|
| Number of employees | Approx. 6,700 (as of start of April 2010) | |
| Land area | Approx. 1,900,000 square meters | |
| Product lineup |
Line No. 1 - Camry (since May 2006) - Yaris (since June 2008) |
Line No. 2 - Highlander (since May 2009) - Camry Hybrid (since April 2010) |
| Annual production capacity | 200,000 units | 160,000 units |
*Redesigned and renamed the "RX450h" in 2009.
