Toyota to set up wholly owned EV, battery unit in China
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A man mops a floor near a Toyota FT-3e during the Indonesia International Auto Show in Tangerang, Indonesia, July 18, 2024. REUTERS/Ajeng Dinar Ulfiana/File Photo
TOKYO (Reuters) - Toyota Motor will establish a wholly owned company in Shanghai to develop and produce electric vehicles and batteries for the Lexus brand, with production set to start in 2027, the world's top-selling automaker said on Wednesday.
In a statement, Toyota said the unit would develop a new Lexus EV and that initial production capacity would be about 100,000 units a year. About 1,000 new jobs are planned in the start-up phase, it said.
Toyota also said it would partner with the Shanghai municipal government for carbon-neutral initiatives, aiming to "contribute to the Chinese government's goal of achieving carbon neutrality by 2060".
(Reporting by Chang-Ran Kim; Editing by Muralikumar Anantharaman)
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