Japan Firms To Market Car Navigation System In China
NEW YORK, NY, August 2, 2002 - (Reuters) Toyota-affiliated Aisin AW Co Ltd and Fujitsu Ten Ltd, a unit of Fujitsu Ltd, plan to set up a joint venture in China with local manufacturers to develop and market car navigation systems, a Japanese daily reported on Friday.
The move will mark the first for Japanese makers of car navigation systems to set up a sales channel in China, whose fast-growing auto market is expected to spark demand for navigating system, the Nihon Keizai Shimbun said.
The new firm, to be established in Beijing, will market the car navigation system that employs Global Positioning System (GPS) technology and audio-visual equipment developed by Fujitsu Ten, the paper said.
The paper, quoting a Toyota Motor Corp official pointed out an expected boost in demand, said that if 20 to 30 percent of drivers equip themselves with the system as is the case in Japan, an annual 500,000 systems should be in fresh demand in China.
A spokesman for Toyota in North America declined to comment on the report.
The two firms will formerly announce the deal as early as Monday, the newspaper said.
Source: Reuters News Service
