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Daimler, Toray To Make Carbon Fiber Parts

Daimler AG and Japan's Toray Industries Inc. say they are setting up a joint venture to make carbon fiber-based car parts.

BERLIN (AP) -- Daimler AG and Japan's Toray Industries Inc. say they are setting up a joint venture to make carbon fiber-based car parts.

The two companies said they signed the contract on Monday. The still-unnamed joint venture will be based in Esslingen, Germany.

Daimler says using carbon fiber-based parts is part of its goal of reducing the weight of new cars to improve fuel efficiency.

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