Toyota has announced that, as a joint venture with CHINA FAW GROUP CORPORATION (FAW), it established on March 4 a company in Tianjin, China, to produce large automotive stamping dies. TOYOTA FAW (TIANJIN) DIES CO., LTD. (TFTD) is capitalised at US$12 million (approx. 1.3 billion yen) with Toyota investing 90% of the capital and FAW 10%.
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Toyota says that its production expansion in China has led to a rapid increase in demand for stamping dies, resulting in the decision to establish in Tianjin TFTD, which will be chaired by TMC Senior Managing Director Akio Toyoda.
Toyota has established various automotive parts manufacturing companies in China, such as constant velocity universal joint maker Tianjin Fengjin Auto Parts Co., Ltd. (TFAP) in December 1995 and engine maker Tianjin Toyota Motor Engine Co., Ltd. (TTME) in May 1996.
Meanwhile, it also established vehicle production makers Sichuan Toyota Motor Co., Ltd. (SCTM) in November 1998 and Tianjin FAW Toyota Motor Co., Ltd. (TFTM) in June 2000.
TFTD is scheduled to produce the high-quality large stamping dies essential in the manufacture of automobiles, and plans call for a production scale to accommodate three vehicle models over the course of a year at the start of production, with vehicle models coming to a total of six in the future.
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By GlobalDataTFTD operations are scheduled to begin in November this year. Toyota says that plant construction, equipment installation and employee training in Japan are all set to begin soon.
