Japanese automaker Toyota and its partner FAW Group plan to build a new electric vehicle plant in Tianjin with a planned investment of about 8.5 billion yuan (about $1.22 billion), according to Reuters.
Documents showed that the plant will have a manufacturing capacity of 200,000 new energy vehicles each year. In China, new energy vehicles include pure electric vehicles, hybrid vehicles and fuel cell vehicles.
Toyota declined to comment on the project but said in a statement that it views China as one of its most important global markets and is constantly considering implementing various measures in China to meet the needs of developing business in China.
China is the world’s largest automotive market.
Last year, despite an overall 8.2% decline in the Chinese auto market, Toyota sold 1.62 million Toyota and luxury car brands Lexus cars in China, a 9% jump in sales compared to the previous year.
In addition, Toyota is also expanding its cooperation with partner GAC Group to enhance the automobile manufacturing capabilities of the Guangzhou joint venture established by the two companies.
