Electric Vehicles
Toyota Inks Deal for Wholly Owned Lexus Factory in Shanghai
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Toyota Motor Corp. is set to become only the second carmaker after Tesla Inc. to operate a wholly owned factory in China after it formally agreed this week on a new electric vehicle plant near Shanghai.
The world’s No. 1 automaker plans to produce battery-powered EVs for its Lexus brand at the facility, which should start production in 2027 and have an initial annual output of 100,000 units. Around 1,000 new jobs will be created. Bloomberg first reported on the plans last year.