Toyota, FAW set up joint sales company in China

TOKYO, Oct 28 (Reuters) - Japan's Toyota Motor Corp said on Tuesday it has set up a joint venture with Chinese partner First Automotive Works (FAW) to sell cars made by Toyota and its minivehicle unit Daihatsu Motor Co .

FAW Toyota Motor Sales Co (FTMS) will begin operations on November 1 with 68 dealers across China, the world's fastest-growing car market.

FAW, China's largest auto maker, has a similar sales venture with market leader Volkswagen AG of Germany.

By establishing an exclusive sales network, Toyota expects to boost efficiency and improve sales. The company currently relies on local producers to distribute and sell its cars.

The new venture will handle sales and after-sales service of Toyota and Daihatsu brand vehicles and carry parts and accessories made in China.