Lexus’ booth at the 2023 Auto Shanghai in April. [Photo/IC]
In response to market demand, Japanese carmaker Toyota officially registered a wholly owned subsidiary in Shanghai’s Jinshan district on Feb 18, becoming the second carmaker to do so.
According to an announcement by the company on Feb 5, the new subsidiary will focus on the research, development and production of electric vehicles and batteries.
It will focus on the development of automotive parts, electric car sales, imports and exports, and the operation of charging facilities, as listed in the National Enterprise Credit Information Publicity System.
The plant is expected to start operations in 2027 with an initial annual production capacity of 100,000 EVs, tapping into the well-developed industrial chains, logistics and talent resources of the Yangtze River Delta region.
The Shanghai Municipal Commission of Commerce said that it will provide more high-quality, efficient and tailored services for foreign enterprises like Toyota, helping them expand their footprint in Shanghai.
Source: thepaper.cn
,https://english.shanghai.gov.cn/en-Latest-WhatsNew/20250228/3798298b3c2e4999b93c68b2c37b8054.html