Photo/VCG

July 3 (NBD) -- Chinese automobile maker Guangzhou Automobile Group Co., Ltd. (601238.SH) announced Tuesday that the company's board of directors has approved the phase Ⅱ project of its joint venture GAC Toyota Motor Co., Ltd. to expand the production capacity and product mix. Altogether, the project will cost 2.45 billion yuan (368.4 million U.S. dollars).

Besides, the board also approved a centralized auto parts warehouse building project for the Zengcheng plant of its joint venture GAC Honda Automobile Co., Ltd. The investment in the project is expected to be 513 million yuan (77.1 million U.S. dollars).  

Email: tanyuhan@nbd.com.cn