Friday, September 9, 2011

China May Reject Toyota-Fuji Heavy Industries Joint Venture with Chery, Say it is “One too Many”

China looks set to reject the proposal for a joint venture between Fuji Heavy Industries, in which Toyota holds a 16.5% stake, and the country’s seventh largest carmaker, Chery Automobile Co.

According to state sources cited by Bloomberg news, the reason is that this would give Toyota a third joint venture in the country. This violates current regulations stipulating that any overseas company can form only two joint ventures in the passenger car manufacturing field.

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