Toyota bZ3C electric crossover SUV (Source: Toyota)
It is reported that Toyota has decided to build a new EV factory in China in the hope that it will be undercut by the business of BYD and other Chinese competitors who are enjoying the wealth.
According to a report in today's Nikkei business daily, the Japanese automaker is planning to produce its luxury brand Lexus at a new plant in Shanghai, as reported by Reuters. Although Toyota has not confirmed the news, Nikkei wrote that several sources have spoken to the publication about the decision.
On the other hand, Toyota has several joint ventures in China, but sales mainly come from its joint ventures with GAC Group and FAW Group. The new firm will operate independently, and Toyota is reported to be negotiating for treatment similar to that enjoyed by Tesla in the country, including tax breaks, land grants, and support for the policy of owning and controlling factories within the country without the need for a joint venture partner.
Toyota intends to start operations at the new facility around 2027, the report said.
The Toyota company is the largest car manufacturer in the world but in China it has been seen like other Japanese car manufacturers as the Chinese car manufacturers are constantly increasing. The company said it aims to make at least 2.5 million cars a year in China by 2030 in hopes of taking on aggressive rivals like BYD, Reuters reported in November.
As part of that strategy, the brand recently launched pre-orders in China for the Toyota bZ3X electric SUV, starting at a competitive price of $13,800 (100,000 yuan).
Photo: Toyota
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