Toyota will build a new electric vehicle plant in Tianjin, China, with local JV partner FAW Group, a media report said.
The Toyota/FAW JV will spend around CNY8.5bn yuan ($1.22bn) on the plant, according to a document issued by authorities of the China-Singapore Tianjin eco-city seen by the Reuters news agency.
Go deeper with GlobalData
The document showed the plant would have annual capacity for 200,000 electrified vehicles – battery, plug-in hybrid and fuel cell.
Toyota declined to comment to Reuters on the project but said in a statement the company regards China as one of its most important global markets and is constantly considering various measures to implement in China to meet the needs of growing the business in the country.
Toyota also builds cars jointly with local automakers in Chengdu, Guangzhou (with GAC) and Changchun and Tianjin where operations resumed recently after the lunar new year closure was extended by the coronavirus outbreak.
Reuters noted Toyota sold 1.62m cars in China, including Lexus, last year, up 9% year on year in the world's biggest market which was off 8.2% overall.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
