Toyota announces EV, battery push in China, US as quarterly profit surges

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Toyota is developing and making electric vehicles and EV batteries in China, the Japanese automaker said Wednesday, under a new partnership with the Shanghai government.Toyota Motor Corp.also announced it will start producing batteries for EVs, hybrids and plug-ins at a new USD 14 billion facility in North Carolina, with shipping starting for North American models in April.

The moves highlight Toyota's aggressive push in electric cars, a sector where some critics have said it's fallen behind rivals like Tesla and BYD at a time when the Chinese EV market is booming and the world's concerns about sustainability are increasingly crucial.

Toyota is setting up a company in Jinshan district in southwest Shanghai for that effort, with production of the new Lexus EVs starting in 2027.

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Category: BusinessFinance

Markets: IndiaChinaJapan

Topics: Toyota Group Toyota Motor Electric vehicles Toyota EV cars US

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-05 @ 13:24:57 (9 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 609 words

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Sentences: 25 lines

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