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Toyota plans to build electric vehicle factory in Shanghai

Toyota Motor Corporation. (Xinhua)

According to Kyodo News, Toyota Motor Corporation is planning to construct a new factory in Shanghai dedicated to producing pure electric vehicles.

The company is currently negotiating with local authorities, and if successful, this will be Toyota's first wholly-owned localized factory in China, aimed at manufacturing high-end electric vehicle models. Production is expected to begin around 2027, though timelines may adjust based on electric vehicle demand.

Previously, the Chinese government allowed foreign companies to hold a maximum of 50% ownership in joint ventures within the automotive sector. However, in 2018, it announced a gradual removal of these restrictions. Tesla was the first foreign carmaker to establish a wholly-owned electric vehicle factory in Shanghai.

Toyota's sales in China during the first half of this year decreased by 11% compared to the same period last year. Nonetheless, the group continues to view the vast Chinese market as crucial and aims to actively reverse this downward trend through initiatives such as building a new factory.

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