China: Toyota Motor Corporation (TMC) and NavInfo Co., Ltd. (NavInfo), a China-based map production company, will cooperate to establish a joint-venture company for the distribution of map data to car navigation systems in China.
The joint-venture company, Telemap China Co., Ltd., is scheduled to begin services in 2013 with starting capital of approximately USD 9.2 million. Equity participation will consist of 51 percent provided by NavInfo, 39 percent provided by TMC and 10 percent provided by Beijing Media Technical Solution Ltd. (BMTS).
NavInfo’s parent company, China Siwei Surveying & Mapping Technology Co., Ltd., and TMC have engaged in technical cooperation on map data creation for car navigation systems since 1996. The integration of TMC’s telematics technology and NavInfo’s map production and management technology will enable the two companies to provide even more timely and accurate map distribution services.
TMC, based on its founding philosophy of contributing to society through the manufacture of automobiles, is dedicated to producing ever-better cars for the benefit of consumers and society and for the development of the automobile industry in China.