Toyota will become the third car manufacturer to have a fully-owned battery or electric vehicle factory in China, doubling down on the world’s largest market as fierce competition forces the retreat of other foreign brands.
The world’s largest automaker, which upgraded its full-year profit forecast on Wednesday, unveiled plans to invest in a new battery and EV plant in Shanghai that will start producing Lexus models in 2027.
Toyota is making a bold gambit to succeed in the Chinese market, where peers such as Volkswagen, Nissan and General Motors are cutting back after a sales freefall in the face of razor-sharp competition from local rivals led by BYD, Chery and Geely.
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