Toyota, one of the world's largest automotive companies, has ambitious plans. The automaker will build a huge plant in China. They officially announced this on January 5, a UNN correspondent reports, citing Agence France-Presse.
The new plant will start operating no earlier than 2027. However, according to Toyota's forecasts, it will produce as many as 100,000 new cars a year. By 2035, the Japanese plan to make all Lexus models electric. This will be the second foreign plant in China. The first is Tesla, in the same Shanghai.
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According to experts, Toyota will thus regain its lost ground in the Chinese market. After all, since the beginning of the year, the Japanese in this country have experienced a decline in their sales by almost 10% compared to the previous year.
The company's annual profit is expected to be in the range of $30 billion.
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