Toyota Prepares to Build New Energy Plant in China
On Feb. 27 it was announced that the Japanese automobile giant Toyota is preparing to build a new energy vehicle (NEV) plant with an annual capacity of 200,000 units in the Chinese city of Tianjin. The is said to be investing 8.5 billion yuan in the project.
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This is so far the company’s second expansion of its new energy production capacity after the 2018 NEV plant transformation project with Tianjin TEDA Group.
It is reported that the new plant will cover a total area of 1.97 million square meters. In the future, the facility is expected to produce electric vehicles jointly developed by Toyota and the Chinese EV manufacturer BYD. With the support of BYD, Toyota is predicted to be able to achieve mass production of multiple new energy models and complete its sales targets.
“Considering the current production capacity of Toyota and the agreement reached by Toyota and BYD last year to establish a joint venture research and development company, this new plant is likely to be prepared for the future production of pure electric vehicles jointly developed by Toyota and BYD,” unspecified industrial sources told the Chinese tech media outlet 36Kr. BYD responded to reporters that “everything is subject to official announcements”.
“Toyota will adjust its production capacity in China, including new energy vehicles, according to market demand,” told Toyota China representatives to the Chinese media Cailian Press.
