- The plant will have a manufacturing capacity of 200,000 new-energy vehicles a year
- Recently, Toyota Motor and Panasonic had agreed to set up a joint venture to develop electric vehicle (EV) batteries from April
As per various media reports, Toyota plans to build a new electric vehicle plant worth $1.2 billion in Tianjin in China with its local partner FAW Group as per a document issued by authorities of the China-Singapore Tianjin Eco-city. The plant will have a manufacturing capacity of 200,000 new-energy vehicles a year as per the document.
As per reports, Toyota declined to comment on the project. In a statement, the company said that it regards China as one of its most important global markets and it is considering various measures to be implemented in China. It is doing so to meet the demands of the growing business in the country.
Joint venture with Panasonic
Recently, Toyota Motor and Panasonic had agreed to set up a joint venture to develop electric vehicle (EV) batteries from April. The new company will be called Prime Planet Energy and Solutions. It will develop prismatic – or square-shaped – batteries that will be available to any automaker as per the two companies.
