Toyota to Build EV Plant in China's Tianjin

Economy

Beijing, March 2 (Jiji Press)--Toyota Motor Corp. <7203> plans to build an electric vehicle plant in Tianjin, China, according to a document from local authorities.

Tianjin FAW Toyota Motor Co., the Japanese automaker's local joint venture, plans to spend 8.5 billion yuan to build a plant with an annual production capacity of 200,000 units in the city's Binhai New Area, according to the document.

Toyota has teamed up with battery maker Contemporary Amperex Technology Co. and electric vehicle maker BYD Co., both of China, looking to assemble electric vehicles in the world's largest market for them.

The Chinese government has backed the spread of new energy vehicles, including pure electric, plug-in hybrid and fuel-cell vehicles.

New auto sales in China dropped for the second straight year in 2019. But Toyota's sales in the country rose 9 pct from the previous year to 1.62 million units, exceeding those in Japan for the first time.

[Copyright The Jiji Press, Ltd.]

Jiji Press