Toyota to build EV factory in China: Report

Toyota (Japanese Auto maker ) is reportedly planning to build a new electric vehicle (EV) plant in Shanghai, China, aiming to reclaim market share from Chinese rivals like BYD.

According to Nikkei, the plant will produce Toyota’s luxury brand, Lexus. While Toyota hasn’t confirmed the news, sources have indicated that negotiations are underway for favorable treatment, similar to what Tesla has received, including tax breaks and policy support.

Unlike its existing joint ventures in China with GAC Group and FAW Group, this new factory will operate independently. Toyota hopes to start operations by 2027.

Despite being the world’s largest automaker, Toyota has lost market share in China. The company aims to produce at least 2.5 million vehicles annually in China by 2030 to compete with local manufacturers. Recently, Toyota launched pre-orders for the bZ3X electric SUV in China, starting at $13,800.

Toyota reportedly plans to build a new electric vehicle (EV) plant in Shanghai, China, aiming to reclaim market share from Chinese rivals like BYD.s are underway for favorable treatment, including tax breaks and policy support, similar to what Tesla has received.