Toyota Motor is set to advance the construction of a new factory in China for the production of electric vehicles. According to the economic newspaper “Nikkei”, the new factory, which will be located in Shanghai, aims to manufacture Lexus models.
The publication specializing in economic matters adds that Toyota, which is present in China through joint ventures with local manufacturers, will build and operate the new production unit independently, similar to what Tesla is doing in that country, with the Japanese brand intending to start production at the new facility in 2027.
It is worth noting that Toyota is the largest company in the automotive sector worldwide, but its market share in China has been declining, similar to other Japanese automotive companies, largely due to the growth of Chinese brands.
Toyota recently revealed that it aims to produce at least 2.5 million vehicles per year in China by 2030 in the hope of gaining ground against Chinese rivals, particularly BYD.
