Investment will allow the firm to open an auto scrapping and recycling firm.
Toyota Tsusho Corp., headquartered in Tokyo, has announced that it will launch a used automobile scrapping and recycling business in China through investment in a local firm.
According to published reports, Toyota Tsusho acquired a 32 percent stake in the Beijing-based auto service firm Xianglong Borui Auto Service (Group) Co., late last year. Showa-Metal Co., a Japanese automobile scrapping and recycling firm, acquired an 8 percent stake. The remaining stake is owned by Beijing Xianglong Borui Auto Service (Group) Co.
The investment will allow the firm to open an auto scrapping and recycling firm that will be able to handle nearly 1,000 units.
The Chinese auto scrapping and recycling firm will open an advanced scrapping factory with a monthly capacity of about 1,000 units late February. It aims to achieve annual sales of about ¥1.73 billion ($US286 million) in five years.