Toyota Motor (TYO:7203) signed a deal with Shanghai to invest 14.6 billion yuan in a new wholly-owned electric vehicle factory, boosting its presence in China's competitive new energy vehicle market, Xinhua News Agency reported Tuesday.
The Jinshan District plant will focus on research and development, production and sales of Lexus EVs and EV batteries.
Toyota has acquired 112.8 hectares of land for phase one of the project. Construction will start in June, with production slated to begin in 2027, according to the report.
Shares of the Japanese carmaker rose 4% in recent trade.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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