Japanese company Toyota plans to build a new electric car factory in Tianjin together with its Chinese partner FAW Group.
A joint venture between Toyota and FAW plans to invest about $ 1.22 billion in the project, as stated in a document published by the leadership of the Sino-Singaporean eco-city of Tianjin.
According to the document, the plant will be able to produce 200,000 vehicles “on new energy sources” annually. In this category in China include hybrid cars, electric vehicles on batteries and fuel cells.
Toyota declined to comment on the project information, but confirmed that it considers China as one of the most important markets. Last year, despite the decline in China’s automobile market by 8.2%, the Japanese automaker was able to sell 1.62 million Toyota and Lexus cars in this country, which is 9% more than a year earlier.
Toyota is also expanding the manufacturing facilities of its Guangzhou plant, in which another Chinese partner, the GAC, is participating.