Toyota will build a plant for the production of electric cars for $ 1.2 billion

Toyota will build a plant for the production of electric cars for $ 1.2 billion

March 7, 2020 0 By autotimesnews

According to Reuters, Toyota intends to create a new enterprise for the production of electric vehicles in Tianjin, China, with a local partner FAW Group.

A document issued by the local authorities of the Sino-Singapore Eco-city of Tianjin said that two automakers are investing about 8.5 billion yuan ($ 1.22 billion) in this area.

The plant will have an annual output of 200,000 models, each of which will be a new energy vehicle. In China, new energy vehicles are classified as batteries, hybrid and fuel cell vehicles.

Toyota said nothing about its plans. The statement said that China is one of the most important global markets and that it is constantly considering various measures to ensure that the country can meet the needs of its growing local business.

Some outlets claim that Toyota and the FAW Group want to complete the construction of the site and begin production of cars before the end of the year. It remains unclear which cars Toyota will produce from the factory. Gasgoo claims a new battery-powered electric vehicle, jointly developed by Toyota and BYD, could be built at the site.