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.
Iran's Supreme Leader, Mojtaba Khamenei, has promised to avenge the killing of his father, while U.S. President Donald Trump said Tehran and Washingto...
The U.S. Department of Justice has ordered several New York Times journalists to testify before a federal grand jury. ...
At least 44 people have died and more than one million have been stranded due to widespread flooding and landslides across southeastern Bangladesh, au...
Major automakers showcased new electric vehicles at the New York Auto Show this week, under the slogan “electrification is the future." However, weakening demand in the United States and intense competition with China are raising questions for markets across the globe, including the South Caucasus.
Japanese automaker Toyota announced on Wednesday that it will manufacture its new battery electric vehicle (BEV) at its plant in Kolín, Czechia — the company’s first all-electric model to be produced in Europe.
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.
At least 12 people have been killed in forest fires in Almeria in southern Spain, Andalucía’s emergency agency has said, as firefighters continue efforts to put out the blaze.
U.S. President Donald Trump said Washington has agreed to resume talks with Iran after Tehran requested further negotiations, but declared that last month's ceasefire between the two countries was "over".
The U.S. military said on Wednesday it launched fresh strikes on Iran to keep the Strait of Hormuz open to shipping, triggering Iranian attacks on Kuwait and Bahrain in the latest escalation to derail efforts to end the war.
Dozens of flights have been cancelled across East Asia as Super Typhoon Bavi approaches China. The typhoon, which has maximum sustained winds of 162 kph (100mph), is nearing a remote chain of Japanese islands, east of Taiwan on Friday.
What began as a fan-created chant just months ago has become one of the defining images of this year's FIFA World Cup, with Norway's "Viking Row" sweeping through stadiums, city streets and social media.
China has approved fast-fashion retailer Shein's long-awaited initial public offering (IPO) in Hong Kong, clearing the way for the company to pursue a stock market listing after previous attempts in the U.S. and London failed.
European carmakers have urged the European Union to make sure new “Made in EU” rules do not put existing investments in Türkiye and Morocco at risk.
Microsoft is expected to announce a new round of job cuts as early as next week as the technology giant looks to reduce costs, according to reports.
A Swedish court has ordered Alphabet-owned Google to pay about $1.5 billion in antitrust damages to price comparison platform PriceRunner, in one of Europe's largest competition-related awards against a major technology company.
U.S. President Donald Trump earned more than $1bn from cryptocurrency-related business ventures last year, according to his mandatory 2025 financial disclosure.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment