Official announcements from Toyota or major business news outlets

Toyota to Build First Independent Plant in Shanghai for Lexus EVs as Sales Rise 3%

Dec 23, 2024, 10:01 PM

Toyota Motor Corporation has announced plans to establish its first independently operated plant in Shanghai, China, dedicated to the production of luxury Lexus electric vehicles (EVs). This strategic move aims to enhance Toyota's control over its operations in the world's largest automotive market. The decision comes as Lexus sales in China have increased by 3% year-over-year, contrasting with ongoing challenges faced by other Japanese automakers. The establishment of this plant aligns with China's interests in retaining foreign investment amid a wave of withdrawals by other international manufacturers.