On February 5th, Toyota Motor Corporation announced that it had reached a cooperation agreem)ent with the Shanghai Municipal Government.
Toyota has decided to establish a research and development and production company for LEXUS Lexus pure electric vehicles and batteries in the Jinshan District of Shanghai. With the guidance and support of the relevant departments, the plan is to set up a wholly-owned electric vehicle and battery company in Shanghai.
The new company will leverage Shanghai and the Yangtze River Delta region's advanced and mature industrial chain foundation, logistics network, talent system, and market scale to develop pure electric vehicle models for the LEXUS Lexus brand. It aims to reflect the expectations of Chinese customers at a pace that matches China's speed and is planning to start production by 2027.
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