Despite being well positioned as China's number one automaker, General Motors appears to be looking its rearview mirror. Rival Toyota was slow to get started in the world's fastest growing automotive marketplace, but the manufacturer is rapidly picking up speed.
As it stands, Toyota had but a 3.5 percent share of the Chinese market in 2005, but the automaker is keen on expanding its presence. To that end, it has built a new $475 million factory in Nansha, and hopes to capture 10 percent of the market by 2010. As part of its bid to control costs, Toyota expects to buy most of its parts regionally for the Camry sedan it will build in the new facility. It now has 12 plants in China for parts and vehicle assembly.
[Sources: Associated Press via Leadingthecharge.com; Toyota]
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