China's leading automaker FAW Group Corporation and Japan's Toyota have signed a letter of intent on establishing a joint venture sports utility vehicle (SUV)plant in Changchun, northeast China's Jilin Province.
According to the letter of intent, signed Tuesday in Changchun, the joint venture will have an initial production capacity of 10,000 medium and high-grade SUVs.
The new company will have a registered capital of 250 million yuan (about US$30.12 million) and cover 41,000 square meters of land, according to the document.
Changchun is the site of the FAW Group Corporation.
(Xinhua News Agency July 16, 2003)
