JAPAN'S TOYOTA ANNOUNCES EV AND BATTERY PUSH IN CHINA AND U.S., AS ITS QUARTERLY PROFIT SURGES

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.