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.
An explosion at Chuo Spring Co.'s plant in Toyota, Japan, has resulted in one death and two injuries, officials reported on Thursday.
Toyota Motor sold 10.8 million vehicles in 2024, maintaining its position as the world’s top-selling automaker for the fifth consecutive year despite a 3.7% decline in global sales, the company announced Thursday.
Toyota sold 10.8 million vehicles in 2024, remaining the world’s top-selling automaker for the fifth consecutive year. However, sales in China dropped by 6.9%, and global sales fell by 3.7%, mainly due to challenges in Japan.
Toyota’s global production declined for the 10th consecutive month in November, down 6.2% year-on-year. However, the automaker saw a 1.7% increase in worldwide sales, marking the second consecutive month of growth.
Toyota’s global output fell for the ninth month in a row in October, primarily due to lower production in the U.S. and China. However, the automaker saw a 1.4% rise in global sales, reaching a record 903,103 vehicles for the month.
Russia's overnight attacks killed one person in Ukraine's northeastern region of Kharkiv and injured several more in the northern city of Chernihiv, regional Ukrainian officials said on Tuesday.
A 5.8-magnitude earthquake struck off the coast of Türkiye near Mugla’s Marmaris district, causing panic and minor injuries. Officials report building cracks and dozens injured after jumping in fear.
Russia laid out strict demands for ending the war during peace talks in Istanbul, calling on Ukraine to cede territory and limit its military.
UK Trade Minister Jonathan Reynolds is set to meet U.S. Trade Representative to discuss the next steps in a complicated tariff deal, amid steel tariffs that could impact British industry.
The U.S. Senate may soon take a significant step against Russia, as lawmakers consider a bipartisan sanctions bill aimed at increasing pressure over the war in Ukraine. The legislation could also target countries like China and India that continue trading with Moscow.
On May 28, the inauguration ceremony of Lachin International Airport was held.
Taxi drivers across France are protesting government plans to cut payments for driving patients to medical appointments. These cuts are part of a broader effort by Prime Minister François Bayrou to save €40 billion in the 2026 budget and reduce the country’s large deficit.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
Brazil’s economy is expected to have regained momentum in the first quarter of 2025, driven by a surge in household spending and private investment, according to a Reuters poll of economists conducted from May 21–26.
As peace talks progress, voices from Yerevan, Tbilisi, and Baku reveal hopes, concerns, and expectations for a future shaped by trade, trust, and generational change in the South Caucasus.
U.S. stocks pushed higher on Monday, closing in on record levels after a volatile start to the day. Despite weak manufacturing data and renewed trade tensions between the U.S. and China, investor optimism held strong, with major indexes recovering thanks to tech gains and a surge in oil prices.
Azerbaijan’s state oil company SOCAR and Canada’s Gran Tierra Energy Inc. have signed a memorandum of understanding (MoU) to conduct joint research focused on the technical and economic assessment of a project to explore, develop, and produce hydrocarbon resources in the Guba-Caspian region.
The Food and Agriculture Organization of the United Nations (FAO) has warned that, without immediate and sustained support, thousands of rural households in Ukraine may be unable to plant or harvest on schedule—threatening both national food security and rural livelihoods.
Tesla’s new car registrations in Norway jumped by 213% year-on-year in May, reaching 2,600 vehicles, boosted by strong demand for the revamped Model Y SUV.
Switzerland’s economy outperformed expectations in Q1 2025, driven by a surge in exports to the United States and strong growth in the chemical and pharmaceutical sectors.
Russia's overnight attacks killed one person in Ukraine's northeastern region of Kharkiv and injured several more in the northern city of Chernihiv, regional Ukrainian officials said on Tuesday.
A 5.8-magnitude earthquake struck off the coast of Türkiye near Mugla’s Marmaris district, causing panic and minor injuries. Officials report building cracks and dozens injured after jumping in fear.
Russia laid out strict demands for ending the war during peace talks in Istanbul, calling on Ukraine to cede territory and limit its military.
UK Trade Minister Jonathan Reynolds is set to meet U.S. Trade Representative to discuss the next steps in a complicated tariff deal, amid steel tariffs that could impact British industry.
The U.S. Senate may soon take a significant step against Russia, as lawmakers consider a bipartisan sanctions bill aimed at increasing pressure over the war in Ukraine. The legislation could also target countries like China and India that continue trading with Moscow.
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