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Toyota Motor (NYSE: TM) is set to establish a wholly owned company in Shanghai to develop and manufacture electric vehicles (EVs) and batteries for its Lexus brand, with production slated to begin in 2027. The new unit will focus on creating a next-generation Lexus EV, supporting Toyota's expansion in the rapidly growing Chinese EV market.
Toyota announced that the facility will have an initial production capacity of approximately 100,000 units annually and will generate around 1,000 new jobs in its early phase. This move aligns with Toyota’s broader strategy to strengthen its presence in the competitive luxury EV segment, where rivals like Tesla and BYD dominate.
In addition to its production goals, Toyota will collaborate with the Shanghai municipal government on carbon-neutral initiatives. This partnership is part of Toyota’s commitment to sustainability and supports China’s national objective of achieving carbon neutrality by 2060.
Toyota, the world’s top-selling automaker, has been intensifying its electrification strategy to meet rising demand for premium electric vehicles. The Lexus brand, known for its luxury and innovation, is expected to play a key role in Toyota’s push toward a greener, high-performance EV lineup.
China remains the world’s largest EV market, and Toyota’s investment highlights its long-term commitment to localizing production and advancing eco-friendly mobility. As global automakers race to electrify their fleets, Toyota’s Shanghai expansion underscores its ambition to compete in the evolving EV landscape.
