2 billion EV factory in Shanghai
- Update Time : Thursday, April 24, 2025
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Japanese Auto Giant Toyota has announced the opening of its own owned electric car (EV) factory in Shanghai in the wake of the ongoing China-US tariff. The company recently signed an agreement with the local authorities to implement the project of $ 2 billion or $ 20 million.
News Sinhua. The Bizing -based state news agency said the agreement with the Shanghai municipal government has signed the world’s best -selling car maker Toyota, which is considered as a strategic step to strengthen the company’s presence in China. China is currently the largest car market in the world.
According to the agreement, the new type of fuel -powered car (NEV) project in Toyota Shanghai will invest $ 1 billion yuan or about $ 20 million.
The project will emphasize Lexus EV and EV battery development, production and sale. Another Japanese Auto Giant Honda Motor said the company is planning to transfer some internal production activities to the United States. Carbon will have a significant impact on achieving goals. Earlier, Tesla had set up a gigafactory in Shanghai. Now Toyota is going to set up another NUV project globally.
