Toyota Motor announced on Wednesday that it will establish a wholly owned company in Shanghai to develop and manufacture electric vehicles (EVs) and batteries for its Lexus brand. Production is expected to begin in 2027, with an initial production capacity of approximately 100,000 units annually. The new facility will also create about 1,000 jobs in its start-up phase.
The new venture will focus on creating a Lexus-branded electric vehicle and developing battery technology for these vehicles. In addition, Toyota has stated that it will collaborate with the Shanghai municipal government on carbon-neutral initiatives, contributing to China’s goal of achieving carbon neutrality by 2060.
