Toyota Motor announced on Wednesday its plan to establish a wholly owned company in Shanghai dedicated to developing and manufacturing electric vehicles and batteries for the Lexus brand. Production is scheduled to commence in 2027. The company disclosed that the new unit will focus on creating a new Lexus EV, with an initial production capacity of around 100,000 units annually. Additionally, approximately 1,000 new job opportunities are expected to be created during the start-up phase.
Toyota also revealed its collaboration with the Shanghai municipal government on carbon-neutral endeavors, aiming to support China's target of achieving carbon neutrality by 2060.