Toyota to build new electric vehicle factory in Shanghai

Toyota Motor Corporation announced a partnership with the city of Shanghai to set up a new electric vehicle and battery R&D and production company in Shanghai, which is expected to start production in 2027. The factory will be a 100% foreign-owned enterprise, similar to Tesla's factory in China. The factory will focus on producing Lexus brand electric vehicles, which will be sold in the Chinese market and exported to Japan and other overseas markets.