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Toyota is reportedly planning a new EV factory in Shanghai to independently produce Lexus models, starting in 2027. The move comes as the automaker faces stiff competition from Chinese rivals like BYD in the world’s largest auto market.
Toyota Targets BYD with Shanghai EV Factory
Reportedly, in an effort to reclaim market share lost to Chinese-owned competitors like BYD, Toyota has chosen to construct a new electric vehicle (EV) factory in China.
Reuters cites an article in today's Nikkei business daily reporting that the Japanese carmaker intends to manufacture its Lexus premium brand at the new Shanghai plant.
Despite Toyota's silence on the matter, Nikkei reported that multiple individuals had discussed the decision with the media.
Autonomous Operations for New Shanghai EV Plant
Toyota, on the other hand, has a number of joint ventures in China, with the GAC Group and the FAW Group being the most important in terms of sales.
Nevertheless, this new plant will run autonomously. Toyota allegedly negotiated for perks comparable to those Tesla has received in the nation, such as tax rebates, land grants, and government assistance to own and manage factories in the country directly, without involving a joint venture partner.
Approximately 2027 is when Toyota plans to begin operations at the new facility, according to the report.
China’s Rising Automakers Challenge Toyota’s Market Dominance
The world's largest automaker, Toyota, has witnessed a decline in its market share in China, along with other Japanese manufacturers, due to the steady ascent of Chinese automakers, Electrek points out.
Reuters reported in November that the corporation plans to increase production to 2.5 million vehicles per year in China by 2030 in an effort to gain ground over BYD and other tough rivals.
The Toyota bZ3X electric SUV, which begins at a competitive price of $13,800 (100,000 yuan), is part of that approach and was just made available for pre-order in China.
