Toyota Plans to Establish a Wholly-Owned Lexus Factory in Shanghai for High-End EVs

TapTechNews June 29th, according to Bloomberg report, Toyota plans to set up a wholly-owned Lexus factory in Shanghai, positioned to produce high-end electric vehicles.

It is reported that Toyota is negotiating with the Shanghai authorities about the possibility of building a wholly-owned factory. Toyota hopes to obtain treatment similar to Tesla's, seeking tax breaks, policy support, land subsidies and other subsidies.

TapTechNews quoted the media content that Toyota is seeking 100% wholly-owned control and does not accept the intervention of local joint venture partners, so as to completely control the factory for the production of high-end brand Lexus electric vehicles.

Although Toyota, like most foreign carmakers, has performed poorly in the highly competitive Chinese market, CEO Koji Sato has adopted an 'electric vehicle first' strategy after taking office in April last year, hoping to actively explore the Chinese market with the Lexus brand as the vanguard. The company's goal is to sell 1.5 million electric vehicles annually by 2026 and 3.5 million annually by 2030.