Sino-Japanese automotive joint venture starts building EV factory project in China
TOKYO, NNA – The Sino-Japanese joint venture Tianjin FAW Toyota Motor Co. started construction Monday of a new energy vehicle plant in the Chinese city of Tianjin with an aim to start up in fiscal year 2022.
The factory being built on a 1.97 million square meter land is expected to have initial production capacity of 100,000 new energy vehicles every year, a spokesman for Toyota told NNA on Tuesday.
Joint venture partner Toyota Motor Corp. aims to sell more than 5.5 million electrified vehicles including 1 million with zero emissions every year by 2030.
The Japanese automaker will focus on development of hybrid electric vehicles, battery electric vehicles and fuel cell electric vehicles. The joint venture launched its first electric sport utility vehicle this year.
Joint venture partners Toyota and FAW Group Co. in China have not disclosed an investment amount or specified types of vehicles to be produced at the factory that just broke ground. But automotive research website auto.gasgoo.com places total investment at about 8.5 billion yuan ($1.2 billion) and estimates eventual production capacity of 200,000 units per year.