Hyperdrive
Toyota Said to Seek Wholly Owned Lexus Factory in Shanghai
- Japanese carmaker talks are around 100% ownership, tax breaks
- Plant would be used for electrified cars for premium brand
A Toyota Motor Corp. Lexus LC 500 convertible vehicle, left, and Lexus LBX hybrid electric vehicle, on display at a company showroom.
Photographer: Fred Mery/BloombergThis article is for subscribers only.
Toyota Motor Corp. is in discussions with authorities in Shanghai about the possibility of constructing a wholly owned factory, according to people familiar with the matter, in what would be a risky gambit for the Japanese automaker at a time it’s struggling in China.
Toyota is negotiating for treatment similar to what Tesla Inc. received, including tax breaks, policy support, land grants and, unusually for China, the ability to own and control the facility outright without the need for a local venture partner, the people said, asking not to be identified because the discussions are private.