Toyota will produce electric cars in China

Toyota will produce electric cars in China

March 1, 2020 0 By autotimesnews

For this, the Japanese auto giant will build a new plant. Investments in the company will amount to more than $ 1 billion.

Toyota shared its plans for the production of cars powered by electricity. It is no secret to anyone that over the next few years the number of electric vehicles will increase dramatically. One of the most promising regions for sales is China. To increase its sales in this country, the Japanese automaker, together with the Chinese FAW, will build a new factory for the assembly of electric cars. The company will be located in the city of Tianjin.

Investments in the construction and commissioning of production will amount to 8.5 billion yuan (about 1.22 billion dollars). It is expected that after a full launch at the plant it will be possible to produce 200 thousand cars a year. Note that in China there is a program to support manufacturers of electric cars.

If any company produces such cars in China, then it receives subsidies from the PRC government, which allows them to sell their cars for less.

 The program was designed for the period from 2009 to 2020, at this stage there is a discussion about its extension. The Chinese car market is very important for Toyota – despite the drop in sales of new cars in China by the end of 2019, Toyota sales in the Middle Kingdom grew by 9%.