Fast Technology reported on December 23 that Toyota Motor has decided to build a new electric vehicle factory in Shanghai, China, mainly producing Lexus models.
The factory invested and built this time is different from the previous joint venture model.
The factory will be the first time Toyota has built and operated independently in China.
A number of people familiar with the matter revealed that Toyota has identified a site for the factory in Shanghai.
It is expected that the factory will be put into operation around 2027, mainly producing Lexus cars sold to the China market.
Previously, Lexus, as Toyota’s luxury brand, has been selling it in the China market by importing it from Japan.
In the era of fuel vehicles, Japanese cars have always been one of the leading brands, but under the wave of automobile transformation into new energy, the China market has become a global leader.
Toyota chose China as the production site for electric Lexus, which can make full use of China’s new energy vehicle industry chain and talent advantages.
In fact, as early as June this year, there were reports that Toyota was seeking similar treatment to Tesla in Shanghai, including tax breaks, policy support, land grants, and conditions to operate directly without a local joint venture partner.
The factory will produce electric vehicles for its Lexus brand.
At that time, Cui Dongshu, secretary-general of the Federation, once pointed out that China market is the world’s largest new energy vehicle market.
Seeking to build a new energy factory in China can enhance its competitiveness, thereby hedging the pressure of electrification transformation in other markets around the world, and then continuing to maintain advantages in the global market.
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