Toyota forms JVs for Ni-MH batteries for 2 new hybrid models
Total investment of USD24.37 million - Changshu Sinogy owns 50%, Toyota owns 40%, and Primearth owns the remaining 10%.
Toyota has confirmed that it will produce 2 new hybrid models in China in 2015. In a telephone interview with IHS Automotive, the company's spokesperson in China, Xu Yiming said: "Toyota will launch 2 new hybrid models in 2015 with FAW and GAC. The two new models are totally new (not the Prius and Camry), and the new battery joint ventures (JVs) will supply battery parts for these models." On 12 November, Toyota formed a JV with Changshu Sinogy Venture Capital Company and Primeearth EV Energy Company to produce hybrid vehicle batteries in China. The new Sinogy Toyota Automotive Energy System Company (STAES) is based in Changshu, in China's Jiangsu province, and will begin production in 2015 with annual production of 110,000 units.
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