TOKYO — Toyota Motor has decided to build a new factory to produce electric vehicles in China, the Nikkei business daily reported on Monday.
The company will produce its luxury car brand Lexus at a new plant in Shanghai, the Nikkei reported citing several sources.
Toyota has worked in China via joint ventures with local manufacturers but the Japanese automaker will build this factory and operate it independently, the report said.
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Toyota aims to start operations at new plant around 2027, it said.
A Toyota spokesperson told Reuters the content of the report was not published by the company.
(Reporting by Kaori Kaneko and Maki Shiraki; editing by Alison Williams and Jason Neely)
