Toyota Motor Corporation and NavInfo Co. will establish a joint-venture company in China to offer map data for the car navigation systems in the country.
The joint-venture company will be called Telemap China Co. and is expected to begin services in 2013, with a starting capital of about 9.2 million U.S. dollars. NavInfo Co. , which is a China-based map production company, will hold 51% in the company, TMC 39% and 10% will be held by Beijing Media Technical Solution Ltd.
China Siwei Surveying & Mapping Technology Co., which is NavInfo’s parent company, and TMC have closed a deal on map data creation for car navigation systems since 1996. This time combining NavInfo’s map production and management technology, and TMC’s telematics technology , more accurate and timely map distribution services will be offered.
Toyota Motor Corporation has its founding philosophy based on the concept of offering the society ever-better cars for the benefit of consumers and also on developing the auto industry in China. Toyota was manufacturing 3.9 million vehicles annually in Japan until the global economic crisis. Now the company hopes to reach 8.65 million vehicles globally by the end of 2012.