BEIJING, July 2 China said it approved, with
conditions, a proposed joint venture between Primearth EV Energy
Co, two other Toyota units, Hunan Corun New Energy and
Changshu Sinogy Venture Capital Co.
The venture, which is expected to be called Corun PEVE
(China) Automotive Battery Co, would be owned 41 percent by
Primearth EV Energy Co, a joint venture between Toyota and
Japan's Panasonic Corp.
Toyota's China unit, Toyota Motor China Investment Co, will
own 5 percent of the venture and 4 percent will be held by
Toyota affiliate Toyota Tsusho Co.
The China side investing in the venture includes Hunan Corun
New Energy and Changshu Sinogy Venture Capital Co, which would
own 40 percent and 10 percent, respectively.
(Reporting by Koh Gui Qing and Aileen Wang; Editing by