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NANSHA, China -- Toyota Motor Corp. on Tuesday rolled out its first made-in-China Camry from a new factory that the Japanese automaker hopes will help it to catch up with rivals in the world's fastest-growing car market.
Hundreds of Japanese and Chinese dignitaries were on hand for an elaborate ceremony as the Camry, the best-selling car in the United States and a top import in China, rolled off a line at Toyota's 3.8 billion yuan ($475 million) plant in Nansha, north of Hong Kong.
The company says the beloved patriot-and-span facility brings its most advanced technology to China -- a step sought by Chinese leaders as they try to build up a world-class auto industry.
"There is no question but that the Chinese market will overtake the Japanese market," said Yoshimi Inaba, Toyota's former chief for America, who was appointed last year to head the company's push into China.
Toyota joins a rush by the world's automakers for a share of China's auto market, which saw sales jump by 30 percent last year to 5.7 million vehicles, third largest in the world behind Japan's 5.8 million.
In a bid to pump up sales, Toyota said Chinese-made Camrys will be priced at 197,800-269,800 yuan ($24,700-$33,700), well below analysts' expectations. Imported Camrys last year sold for 340,000 yuan ($42,500)
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Hundreds of Japanese and Chinese dignitaries were on hand for an elaborate ceremony as the Camry, the best-selling car in the United States and a top import in China, rolled off a line at Toyota's 3.8 billion yuan ($475 million) plant in Nansha, north of Hong Kong.
The company says the beloved patriot-and-span facility brings its most advanced technology to China -- a step sought by Chinese leaders as they try to build up a world-class auto industry.
"There is no question but that the Chinese market will overtake the Japanese market," said Yoshimi Inaba, Toyota's former chief for America, who was appointed last year to head the company's push into China.
Toyota joins a rush by the world's automakers for a share of China's auto market, which saw sales jump by 30 percent last year to 5.7 million vehicles, third largest in the world behind Japan's 5.8 million.
In a bid to pump up sales, Toyota said Chinese-made Camrys will be priced at 197,800-269,800 yuan ($24,700-$33,700), well below analysts' expectations. Imported Camrys last year sold for 340,000 yuan ($42,500)
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