Toyota Motor to build electric, hybrid car plant in Tianjing, China: Kyodo
TOKYO, NNA – Toyota Motor Corp. plans to build a plant for eco-friendly cars in Tianjing, China, with a massive investment in anticipation of potential growth in demand for such vehicles in the country.
The global carmaker will produce electric and plug-in hybrid vehicles among other low emission cars at the factory with a local partner for scheduled completion in the early half of the 2020s, Kyodo News reported without citing sources.
For its second-largest market after the United States, Toyota Motor would spend about 130 billion yen ($1.2 billion) on the plant with an annual output capacity of around 200,000 units. It expects further room to expand its market share in the world’s largest automobile market despite the economic slowdown on the lingering U.S.-China trade row, according to the report.
Japan’s biggest carmaker aims to sell more than 55 million units of electrified vehicles including hybrid vehicles worldwide as early as 2025. In a bid to accelerate sales of these cars, the company plans to launch EV models of its Lexus premium car in China this year, the report said.