Toyota Establishes Wholly-Owned Subsidiary for Lexus EV Plant in Shanghai
Toyota Motor Corporation has officially established a new wholly-owned subsidiary in Shanghai, China, named Lexus (Shanghai) New Energy Co., Ltd. Effective immediately, this entity is dedicated to the development and sales of new energy vehicles and batteries. The subsidiary holds a registered capital of 107.1 billion yen, approximately $711 million, and is located in the Jinshan district on the outskirts of Shanghai. Takero Kato, the president of Toyota’s BEV Factory, serves as the legal representative for the new company. This move follows Toyota's February 5 announcement regarding plans to locally produce electric cars for its premium Lexus brand in Shanghai. The project aims to achieve an initial production capacity of around 100,000 units per year by 2027. The facility is expected to cover approximately 113 hectares, potentially making it larger than Tesla’s Shanghai Gigafactory. This strategic investment underscores Toyota's commitment to expanding its electric vehicle footprint in the Chinese market through localized manufacturing and development capabilities for its luxury division.
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Toyota Establishes Wholly-Owned Subsidiary for Lexus EV Plant in Shanghai
Toyota Motor Corporation has officially established a new wholly-owned subsidiary in Shanghai, China, named Lexus (Shanghai) New Energy Co., Ltd. Effective immediately, this entity is dedicated to the development and sales of new energy vehicles and batteries. The subsidiary holds a registered capital of 107.1 billion yen, approximately $711 million, and is located in the Jinshan district on the outskirts of Shanghai. Takero Kato, the president of Toyota’s BEV Factory, serves as the legal representative for the new company. This move follows Toyota's February 5 announcement regarding plans to locally produce electric cars for its premium Lexus brand in Shanghai. The project aims to achieve an initial production capacity of around 100,000 units per year by 2027. The facility is expected to cover approximately 113 hectares, potentially making it larger than Tesla’s Shanghai Gigafactory. This strategic investment underscores Toyota's commitment to expanding its electric vehicle footprint in the Chinese market through localized manufacturing and development capabilities for its luxury division.
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