Toyota Invests in Carmax of Taiwan to Sell OEM Accessories

Taipei, Nov. 13, 2012 (CENS)--Toyota Group of Japan recently bought a 33.4% share in Carmax Co., Ltd. of Taiwan, a subsidiary of local Hotai Motor Co. Ltd., to develop and sell OE Toyota accessories through its Japanese subsidiary T-JACS Corp.

The tie-up aims to jointly explore the auto-accessory business in Chinese and global markets, as well as planning to export more Taiwan-made auto accessories to Japan to raise revenue.

Huang Nan-guang, chairman of Hotai Motor Co. Ltd., Taiwan’s agent for Toyota and Lexus, pointed out that T-JACS evaluated Carmax's product development capability and quality level before investing in the Taiwanese company. Carmax is scheduled to launch Toyota-approved MVA (Market Value Accessory) branded auto accessories to six nations in the Middle East, Southeast Asia and China. Hotai's subsidiary Kuozui Motors Ltd. has been exporting ever more locally-assembled Toyotas to these six nations through Toyota's global division-of-labor scheme. In addition, Carmax is expected to develop high-quality, reasonably-priced Toyota auto accessories to Japan.

Huang stressed that Carmax will, in line with Toyota's global business deployment, cooperates with different automotive-electronics makers in Taiwan to explore the global auto-accessory market.