BEIJING/TOKYO (Reuters) – Japanese automaker Toyota plans to construct a brand new electrical car plant within the Chinese language metropolis of Tianjin with its native accomplice FAW Group, a doc from the native authorities confirmed.
The three way partnership between Toyota and FAW plans to take a position round 8.5 billion yuan ($1.22 billion) within the deliberate automotive plant in Tianjin, in keeping with a doc issued by authorities of the China-Singapore Tianjin Eco-city.
The plant could have manufacturing capability of 200,000 new power automobiles a yr, the doc confirmed. In China, new power automobiles embody battery-only, plug-in hybrid and fuel-cell automobiles.
Toyota declined to touch upon the mission however stated in a press release that the corporate regards China as one in every of its most essential international markets and is consistently contemplating varied measures to implement in China to satisfy the wants of rising the enterprise within the nation.
Final yr, regardless of China’s total auto market dropping 8.2%, Toyota bought 1.62 million Toyota and premium Lexus automobiles in China, the world’s largest auto market, a 9% gross sales soar in contrast with a yr earlier.
It’s also increasing automotive manufacturing capacities in its Guangzhou-based enterprise with one other accomplice GAC.
