Toyota to Build New Electric Vehicle Factory in China

TOKYO (Reuters) – Toyota Motor (NYSE:TM) has decided to build a new factory to produce electric vehicles in China, as reported by the Nikkei business daily on Monday.

The company plans to produce its luxury car brand, Lexus, at a new plant in Shanghai, according to several sources cited by Nikkei.

Previously, Toyota has operated in China through joint ventures with local manufacturers; however, the new factory will be built and operated independently by the Japanese automaker, as per the report.

Toyota aims to begin operations at the new plant around 2027.

A Toyota spokesperson commented to Reuters that the details of the report were not officially published by the company.