Cars

Toyota to invest $700m in China for R&D

(Agencies)
Updated: 2010-11-18 14:58

Toyota will invest nearly $700 million in its first fully-fledged research and development (R&D) base in China, AFP reported on Thursday.

Shale gas lures oil majors Related readings:  Toyota safety in spotlight after fatal US crash  Toyota to recall 134,234 autos in China due to flawed design  Toyota's China auto finance company fined for bribery  Toyota recalls 1.33 million Corollas, Matrixes

Toyota Motor Engineering & Manufacturing (China) Co Ltd plans to build the R&D base at an economic development zone in Changshu, near Shanghai in East China, the report said.

The company plans to invest $689 million to buy land, build research facilities and a test track, the report said, quoting a spokeswoman for the automaker in Tokyo.

The R&D base will begin operations in the spring of 2011. R&D staff members will survey the Chinese auto market, study quality control at its local assembly plants and develop low-emission vehicles and engines for the market.

The company plans to expand the employment from an initial 200 to 1,000.