NAGOYA, Japan -- Toyota Motor overcame multiple obstacles to finally win approval for a wholly owned Lexus electric-vehicle plant in China because the Japanese automaker saw the project as key to survival in the cutthroat Chinese market.
The new subsidiary, Lexus (Shanghai) New Energy, will develop and build EVs as well as produce batteries. The plant will open as early as 2027 with an initial annual capacity of 100,000 vehicles.
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