Hino to shut down Chinese engine JV [Yahoo! Finance]
Toyota Motor Corporation (TM)
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toyota-global.com/investors
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Source: Yahoo! Finance
Hino Engine Company, after more than 20 years of operation, citing deteriorating market conditions. Shanghai Hino, a joint venture 70% owned by Hino Motors and 30% by state owned Guangzhou Automobile Group, was established in 2003 producing diesel engines for local commercial vehicle and construction machinery manufacturers. At a board meeting earlier this month, Hino Motors rubber stamped the decision to cease operations at the company by the end of September after management concluded it was “unlikely that the business of Shanghai Hino will grow in a sustainable manner” due mainly to growing sales of electric commercial vehicles and construction machinery in the country. The company said it had “decided to withdraw from this business and dissolve its consolidated subsidiary. Manufacturing will cease at the end of September 2024, after which dissolution procedures will begin promptly”. Hino said in a statement: “We would like to express heartfelt thanks for the support and ef
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