Toyota plans to build a wholly-owned factory in Shanghai to produce Lexus electric vehicles in 2027

According to Nikkei Chinese website, Toyota Motor Corporation plans to establish a wholly-owned factory in Shanghai in 2027 to produce Lexus brand electric vehicles. This move is aimed at promoting the strategic transformation of the Lexus brand in the Chinese market. Although the head of Lexus China did not give a clear response to this news, there was news in June this year that Toyota will set up a wholly-owned Lexus factory in Shanghai. The factory will enjoy the same treatment as Tesla, including tax exemptions, policy support, land grants, etc., and Toyota will hold 100% of the shares. The main products of the new factory will be high-end electric vehicles.