Azerbaijan and Croatia reaffirm partnership during Speaker Jandroković’s visit to Baku
President of the Republic of Azerbaijan Ilham Aliyev welcomed a Croatian delegation led by Gordan Jandroković, Speaker of the Croatian Parliament, ma...
Toyota has signed a $2 billion deal to build a wholly-owned electric vehicle plant in Shanghai, as the Japanese automaker strengthens its position in China’s growing EV market during heightened US-China trade tensions.
Japanese automaker Toyota Motor Corporation has signed a $2 billion agreement to establish a fully-owned electric vehicle (EV) plant in Shanghai, state media reported on Tuesday. The announcement comes as trade tensions between the United States and China escalate, with tariffs impacting key industries, including automotive and metals.
Toyota reached the deal with the Shanghai municipal government, aiming to enhance its presence in the world’s largest automotive market. According to Beijing-based Xinhua News, the company will invest a total of 14.6 billion yuan (approximately $2 billion) in the new energy vehicle (NEV) project based in Shanghai’s Jinshan district.
The project will focus on the research, development, production, and sales of Lexus-branded EVs and electric vehicle batteries. It follows a similar move by Tesla, which established its Shanghai Gigafactory in the city.
Tatsuro Ueda, chief executive officer of the China Region and chairman of Toyota Motor (China) Investment, said the initiative would introduce advanced technologies, contributing to a leading carbon neutrality model with global influence.
Construction of the plant is scheduled to begin in June, with production expected to start in 2027. While Toyota did not confirm production capacity details on Tuesday, earlier estimates in February suggested an initial output of around 100,000 units per year. The project is expected to create roughly 1,000 new jobs during its early phase.
The announcement follows Honda Motor’s decision to relocate parts of its production to the United States, as Japanese companies adjust to avoid a 24% tariff imposed by the Trump administration. The tariff policy affects automotive, steel, and aluminum products, while negotiations between Tokyo and Washington continue after a 90-day tariff reprieve for all nations except China.
As the US has raised tariffs on Chinese imports to as high as 245%, Beijing has responded with tariffs reaching up to 125% on American goods.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A powerful 7.4-magnitude earthquake struck off Russia’s Kamchatka Peninsula on 13 September with no tsunami threat, coming just weeks after the region endured a devastating 8.8-magnitude quake — the strongest since 1952.
Authorities in California have identified the dismembered body discovered in a Tesla registered to singer D4vd as 15-year-old Celeste Rivas Hernandez, who had been missing from Lake Elsinore since April 2024.
Gold prices rose above $4,000 an ounce for the first time on Wednesday, fuelled by investor demand for safe-haven assets amid rising geopolitical tensions and expectations of U.S. interest rate cuts.
U.S. shares ended Tuesday in negative territory as investors, cut off from official economic data due to the ongoing government shutdown, looked to alternative indicators and comments from Federal Reserve officials for guidance on economic weakness and monetary policy.
Elon Musk’s artificial intelligence startup xAI is targeting a $20 billion capital raise linked to Nvidia hardware, Bloomberg News has reported.
Türkiye’s benchmark stock index, the BIST 100, closed Tuesday at 10,814.11 points, up 0.74% from the previous session.
Euro zone finance ministers are set to meet on Thursday to explore ways to boost the development of euro-denominated stablecoins, amid concerns that the fast-growing market could remain dominated by the United States, a senior euro zone official said.
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