Japanese automaker Toyota Motor plans to invest about 8.5 billion yuan to build a new electric vehicle factory in Tianjin with its Chinese partner FAW Group, a local government document showed.
According to documents released by relevant departments of Sino-Singapore Tianjin Eco-City, FAW Toyota, a joint venture between Toyota Motor and FAW Group, plans to invest about 8.5 billion yuan in Tianjin to build a new electric vehicle factory. This new factory has an annual production capacity of 200,000 new energy vehicles. In China, new energy vehicles include pure electric vehicles, plug-in hybrid vehicles and fuel cell vehicles.
Toyota declined to comment on the project but said in a statement that it views China as one of its most important global markets and has been considering various measures to deepen its presence in the country to meet the needs of business growth.
In 2019, Toyota sold a total of 1.62 million Toyota and Lexus luxury vehicles in China, the world's largest auto market, up 9% from the same period in 2018, despite an 8% decline in the overall Chinese auto market.
Toyota has also expanded vehicle manufacturing capabilities with another Chinese partner, GAC Group, in their Guangzhou-based joint venture, GAC Toyota.
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