Toyota, the world's largest automaker, announced plans to build a fully owned electric vehicle factory in Shanghai for its luxury Lexus brand. This move comes alongside an upward revision of its annual net profit forecast to nearly $30 billion. The new plant will focus on producing Lexus battery electric vehicles (BEVs) and batteries, with an anticipated start of production after 2027.
TOKYO - Japan's Toyota declared its intention to establish an electric vehicle manufacturing plant in Shanghai , specifically dedicated to its luxury Lexus brand. This announcement coincided with an upward revision of the company's annual net profit forecast to nearly $30 billion.
While numerous foreign automakers are encountering challenges in the Chinese market, Toyota, the world's leading automaker by sales volume, emphasized its commitment to meeting the unique requirements of Chinese consumers with its new factory.Toyota stated, 'We have made the decision to set up a wholly owned company for the development and production of Lexus Battery Electric Vehicles (BEVs) and batteries in Shanghai, China.' Production at the facility is slated to commence after 2027, and Toyota projected that the plant will generate approximately 1,000 new jobs, with an annual production capacity of around 100,000 vehicles. This will mark the second wholly foreign-owned electric vehicle factory in China, following Tesla's Shanghai plant. In contrast, other foreign companies operating in the Chinese automotive industry typically engage in joint ventures with Chinese partners.Toyota indicated that 'Local Chinese members will take the lead in planning and developing BEVs' to cater to the preferences of local customers. Further bolstering its financial outlook, Toyota announced on Wednesday that it anticipates a net profit of 4.52 trillion yen ($29.5 billion) for the current fiscal year. This revised projection surpasses its previous estimate of 3.57 trillion yen. The company attributed this upward revision to 'progress in strengthening earning power, supported by improvement efforts including product competitiveness,' according to a statement.
Toyota Lexus EV Electric Vehicle China Shanghai Automotive Industry Net Profit Investment
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toyota South Africa Forecasts Growth and Highlights Industry Trends at State of the Motor Industry EventAt Toyota's annual State of the Motor Industry (SOMI) event, Andrew Kirby, president and CEO of Toyota South Africa Motors (TSAM), outlined the challenges and opportunities facing the South African automotive sector. Kirby emphasized the need to exceed 600,000 annual vehicle sales to attract foreign direct investment and maintain local production. He also highlighted key industry trends such as the shift towards SUVs, the increasing demand for in-car technology, and the global transition towards NEVs. The event showcased several new Toyota and Lexus models and celebrated Toyota Gazoo Racing's success at the Dakar Rally.
Read more »
Lexus Unveils Hybrid LX 700h and Off-Road Focused GX in South AfricaLexus adds two new models to its lineup in 2025. The LX 700h debuts as the first hybrid LX, featuring a self-charging system. The GX, a successor to the Prado, focuses on off-road capability.
Read more »
Toyota Corolla Models Recalled in South Africa Due to Steering and Brake DefectsThe National Consumer Commission (NCC) of South Africa has issued a recall notice for two hybrid Toyota Corolla models – the sedan HEV and the hatchback HEV – due to potential defects that could lead to loss of steering and impaired braking. The recall affects all variants of both models and urges affected consumers to take their vehicles for immediate repair.
Read more »
Toyota Invests in Japanese Startup to Fuel Commercial Space RaceToyota's investment in Interstellar Technologies signals a push into the commercial space industry, aiming to compete with established giants like SpaceX. While Japan's spaceflight progress lags behind, this partnership aims to accelerate the development and mass production of lightweight rockets and a lunar rover.
Read more »
Anne Hathaway Dazzles in Gold Gown at Bulgari Exhibition in ShanghaiAnne Hathaway graced the opening ceremony of Bulgari’s Infinity Serpents Exhibition in Shanghai, wearing a stunning gold ballgown by Oscar de la Renta. The actress paired the gown with Bulgari jewelry and Christian Louboutin heels, completing a glamorous look.
Read more »
Toyota Unveils Bonkers (Mid-Engined!) GR Yaris M Concept Destined for RacingToyota Gazoo Racing reveals a mid-engined GR Yaris M Concept, designed to explore the limits of performance in the Super Taikyu Series.
Read more »