China Said Likely to Reject Toyota Affiliate’s Venture
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China will likely reject an application for a joint venture for an affiliate of Toyota Motor Corp. because it would give the carmaker a third partnership in China, exceeding regulatory limits, according to three people familiar with the situation.
Fuji Heavy Industries Ltd., in which Toyota owns a 16.5 percent stake, has applied to make cars with Chery Automobile Co. in the world’s biggest auto market. The government considers Fuji Heavy, maker of Subaru-brand cars, a part of Toyota, said the people who declined to be identified as the matter is confidential.