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JAPAN'S TOYOTA ANNOUNCES EV AND BATTERY PUSH IN CHINA AND U.S., AS ITS QUARTERLY PROFIT SURGES
AppleMagazine #693
|AppleMagazine
Toyota is developing and making electric vehicles and EV batteries in China, the Japanese automaker said Wednesday, under a new partnership with the Shanghai government.
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Toyota Motor Corp. also announced it will start producing batteries for EVs, hybrids and plug-ins at a new $14 billion facility in North Carolina, with shipping starting for North American models in April.
The moves highlight Toyota's aggressive push in electric cars, a sector where some critics have said it's fallen behind rivals like Tesla and BYD at a time when the Chinese EV market is booming and the world's concerns about sustainability are increasingly crucial.
Toyota is setting up a company in Jinshan district in southwest Shanghai for that effort, with production of the new Lexus EVs starting in 2027.
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