Toyota Announces Lexus Ev Plant In Shanghai

Toyota said Wednesday it will build an electric vehicle plant in Shanghai for its luxury Lexus brand as it raised its annual net profit forecast to almost 30 billion.

China overtook Japan as the biggest vehicle exporter last year, helped by its dominance in EVs.

Many foreign car firms are struggling in China, but Toyota -- the world's top-selling automaker -- said it wants to 'match the unique needs of Chinese customers' with its new factory.

'We decided to establish a wholly owned company for the development and production of Lexus BEVs battery electric vehicles and batteries in Shanghai, China,' it said.

Toyota aims to start production there after 2027, and said the new plant would create 1,000 new jobs with an annual output capacity of approximately 100,000 vehicles.