TOKYO, Feb 05 (AFP): Japan's Toyota said Wednesday it will build an electric vehicle plant in Shanghai for its luxury Lexus brand, at a time when many foreign car companies are struggling in China.
The world's top-selling automaker made the announcement as it hiked its annual net profit forecast to almost $30 billion as well as its revenue projection.
Toyota said it had "decided to establish a wholly owned company for the development and production of Lexus BEVs (battery electric vehicles) and batteries in Shanghai, China".
It said it aims to start production there after 2027, adding that the new plant will create 1,000 new jobs with an annual production capacity of approximately 100,000 vehicles.
The Nikkei business daily had reported in December that Toyota planned to build the Shanghai plant.
Toyota announces Lexus EV plant in Shanghai
FE Team | Published: February 06, 2025 00:22:24
Toyota announces Lexus EV plant in Shanghai
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