July 2, 2014 / 8:26 AM / 4 years ago

China conditionally approves JV between Toyota units, et al

BEIJING, July 2 (Reuters) - 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 Subhranshu Sahu)

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