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Toyota to build plant to produce EVs in China, Nikkei reports

Published 12/23/2024, 08:44 AM
Updated 12/23/2024, 08:45 AM
© Reuters. FILE PHOTO: Toyota Motor Corporation's cars are seen at a briefing on the company's strategies on battery EVs in Tokyo, Japan December 14, 2021. REUTERS/Kim Kyung-Hoon/File Photo
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TOKYO (Reuters) - Toyota Motor (NYSE:TM) has decided to build a new factory to produce electric vehicles in China, the Nikkei business daily reported on Monday.

The company will produce its luxury car brand Lexus at a new plant in Shanghai, the Nikkei reported citing several sources.

Toyota has worked in China via joint ventures with local manufacturers but the Japanese automaker will build this factory and operate it independently, the report said.

© Reuters. FILE PHOTO: Toyota Motor Corporation's cars are seen at a briefing on the company's strategies on battery EVs in Tokyo, Japan December 14, 2021. REUTERS/Kim Kyung-Hoon/File Photo

Toyota aims to start operations at new plant around 2027, it said.

A Toyota spokesperson told Reuters the content of the report was not published by the company.

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