While uncertainty continues to swirl amidst the coronavirus outbreak, carmakers are still investing in China. Documents from authorities in Tianjin show that Toyota is planning to build a new electric vehicle factory there with its local partner FAW, according to Reuters.
Those documents from the Sino-Singapore Tianjin Eco-city says the two companies want to invest around 8.5 billion yuan (RM5.2 billion) in the plant, which is expected to have a manufacturing capacity of 200,000 “new energy vehicles” – China’s catch-all for hybrid, plug-in hybrid and fully-electric vehicles – a year.
Although Toyota declined to comment on the project, it did say in a statement that it regards China as one of its most important global markets, and that it is constantly considering various measures to meet the needs of growing its business in the Middle Kingdom.
Despite automobile sales dropping 8.2% in China last year – well before it took the full brunt of the COVID-19 outbreak – sales of Toyota and Lexus vehicles jumped nine percent to 1.62 million units in the world’s largest car market. Aside from the planned FAW plant, Toyota is also expanding its manufacturing capacities in Guangzhou with its other partner GAC.
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