Toyota's official sales reports or industry sales data

Toyota to Build Lexus EV Factory in Shanghai, Expected Operations by 2027 After 3% Sales Increase

Dec 23, 2024, 08:52 PM

Toyota Motor Corporation is set to establish its first independently operated factory in Shanghai, China, dedicated to the production of luxury Lexus electric vehicles (EVs). This strategic move aims to enhance Toyota's competitiveness in the rapidly evolving Chinese automotive market, which is increasingly shifting towards electric mobility. The factory is expected to begin operations as early as 2027, as Toyota seeks to gain greater control over its manufacturing processes in the world's largest auto market. The decision comes amid a backdrop of declining sales for other Japanese automakers, while Lexus has seen a 3% increase in sales year-on-year in China. The new plant will also align with China's objectives to retain foreign investment in the automotive sector, particularly as other international manufacturers are withdrawing from the market.