Toyota Sets Sights on China's EV Market

Toyota Motor Corporation is poised to make a significant stride in the electric vehicle (EV) market by establishing a new manufacturing facility in China, as reported by Nikkei Asia. This strategic move marks the first time Toyota will independently construct and manage its own plant within the country.

The new plant will focus on manufacturing the luxury brand "Lexus" in Shanghai, reflecting Toyota's commitment to expanding its presence in the high-end EV segment. Traditionally, Toyota's production activities in China have been conducted through partnerships with local companies, highlighting the importance of this independent venture.