Toyota Motor Corp. said Monday it will build a new factory in China as demand for its autos there jumped 30 percent in the first nine months of this year.
Sichuan FAW Toyota Motor Co., a venture between Toyota and FAW Group Corp., will spend 4 billion yuan, or $584 million, for the factory in Changchun, Jilin Province, Toyota said.
The plant will have annual production capacity of 100,000 units and build Corollas. The company said it hasn't decided when it will open the plant.
Toyota's production capacity in China will rise to 1 million vehicles a year when it opens the plant, the company said.
The company boosted sales of Corollas and other models at about triple the pace of the overall market in the first nine months of this year, surpassing General Motors Corp. in car sales in China.