Toyota Industries Corporation and trading company Toyota Tsusho Corporation will set up a forklift sales joint venture in Shanghai, China, next month.
In a move intended to meet growing forklift demand in China, the joint venture, Toyota Material Handling (Shanghai) Co, will be 70 percent owned by Toyota Industries and 30 percent by Toyota Tsusho, a Jiji Press report said.
The joint venture will start manufacturing in April and begin distributing forklifts through various Chinese dealers in June. Toyota said it expected to sell 1000 forklifts in China this year.