Toyota announced a new partnership with the Shanghai government to produce Lexus EVs in China, starting in 2027. Simultaneously, Toyota is investing in a $14 billion battery plant in North Carolina, highlighting its commitment to EV and battery production growth. The company also reported strong fiscal third-quarter profits and revised its full-fiscal year profit forecast upwards.
Toyota is venturing into electric vehicle (EV) production and battery manufacturing in China, marking a significant expansion of its global EV strategy. The Japanese automaker announced a partnership with the Shanghai government to establish a new company dedicated to developing and producing Lexus EVs in Jinshan district. Production is slated to commence in 2027 with an initial capacity of 100,000 vehicles annually, generating approximately 1,000 jobs.
Alongside this, Toyota is also investing in a $14 billion battery plant in North Carolina, set to start shipping batteries for EVs, hybrids, and plug-in hybrids in April. This facility will create around 5,000 jobs, demonstrating Toyota's commitment to bolstering its EV and battery production capabilities in North America. This strategic move comes as Toyota faces increasing competition in the EV market from rivals like Tesla and BYD. Toyota's Chief Financial Officer, Yoichi Miyazaki, emphasized the company's dedication to being a beloved entity wherever it operates, highlighting its commitment to responsible business practices. In a separate announcement, Toyota reported a 61% surge in fiscal third-quarter profit to 2.19 trillion yen ($14 billion) on sales of 12.4 trillion yen ($81 billion), a 3% increase year-on-year. The company attributed the sales recovery to the easing of production disruptions caused by a certification scandal in Japan earlier in the fiscal year. The scandal involved the use of inadequate or outdated data in crash tests, inaccurate testing of airbag inflation, and engine power checks. However, Toyota emphasized that these issues did not affect the safety of the vehicles and only impacted production in Japan. Toyota has revised its full-fiscal year profit forecast to 4.5 trillion yen ($29 billion) from the previous projection of 3.6 trillion yen ($24 billion). This upward revision is attributed to the positive impact of foreign exchange rates and cost reduction efforts. While the new projection is lower than the previous fiscal year's profit of 4.9 trillion yen, it reflects Toyota's ongoing efforts to navigate the challenging economic environment. The new Chinese venture is seen as a key step in Toyota's pursuit of meeting the rapidly growing demand for EVs in China.
TOYOTA ELECTRIC VEHICLES CHINA NORTH CAROLINA BATTERY PRODUCTION INVESTMENTS PROFIT EV MARKET
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