Toyota Motor Corp. has signed a deal to build a fully owned electric vehicle (EV) plant in Shanghai, marking a major step to expand its presence in China, the world’s largest auto market.
The Japanese automaker will invest 14.6 billion yuan (about $2 billion) in the new plant located in the city’s Jinshan District. The project will focus on developing and producing Lexus EVs and batteries, with construction starting in June and production expected by 2027.
The plant is expected to create around 1,000 new jobs and will serve as a model for carbon-neutral innovation. Toyota also plans to work closely with local suppliers to strengthen China’s new energy vehicle (NEV) industry.
This move adds to Shanghai’s growing reputation as a global NEV hub, following projects by Tesla, BMW, and Volkswagen. China’s NEV market is booming, with sales jumping 47.1% in the first quarter of 2025.
Source: CGTN
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