IT Home reported on February 5 that Toyota Motor Company today announced a series of major initiatives. On the one hand, Toyota reached a cooperation intention with the Shanghai Municipal Government and will establish a wholly owned Lexus pure electric vehicles and batteries R&D and production company in Jinshan District, Shanghai. ;On the other hand, Toyota plans to invest $14 billion in North Carolina, USA (IT Home Note: Currently about RMB 101.829 billion) to build a new factory to produce batteries for electric vehicles, hybrid vehicles and plug-in cars .
Toyota’s investment in Shanghai this time is aimed at meeting the growing demand for electric vehicles in the Chinese market.The new company is expected to start production in 2027, with an initial annual production capacity of 100,000 vehicles and is expected to create about 1,000 jobs.. Toyota said the new company will be led by a local Chinese team to develop pure electric vehicles that meet the unique needs of Chinese consumers, with the goal of becoming a company that is more loved and supported by the Chinese people. Toyota also stressed that it hopes to contribute to the Chinese government’s goal of achieving carbon neutrality by 2060 through this move.
Meanwhile, Toyota’s battery factory in North Carolina is expected to start supplying models in the North American market in April, which will create about 5,000 jobs.
In addition, Toyota also released its financial report for the third quarter. Data shows that the company’s profits increased by 61% year-on-year to 2.19 trillion yen, and sales of 12.4 trillion yen, a year-on-year increase of 3%. Toyota officials said sales growth was driven by a previous production recovery suspended due to a certification scandal.
Toyota raises its full fiscal year profit forecast to 4.5 trillion yen from the previous 3.6 trillion yen, but remains below 49,000 in the previous fiscal year, due to positive impacts from exchange rate and cost cuts. yen.
Toyota’s long-term partners in China include China FAW Group and Guangzhou Automobile Group.The establishment of this new company will not change this cooperation pattern. Toyota said it will continue to work with existing partners to jointly promote business development in China.
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