Automaker Toyota plans to build a new electric vehicle plant in the Chinese city of Tianjin with its local partner FAW Group, Reuters reported.
The joint venture between Toyota and FAW plans to invest around 8.5 billion yuan or $1.22 billion in the car plant in Tianjin, according to a document issued by authorities of the China-Singapore Tianjin Eco-city.
The plant will have manufacturing capacity of 200,000 new energy vehicles a year. In China, new energy vehicles include battery-only, plug-in hybrid and fuel-cell vehicles.
Toyota said in a statement that the company regards China as one of its most important global markets and is constantly considering various measures to implement in China to meet the needs of growing the business in the country.
Last year, Toyota sold 1.62 million Toyota and premium Lexus cars in China, the world’s biggest auto market, a 9 percent sales jump compared with a year earlier.
Toyota is also expanding car manufacturing capacities in its Guangzhou-based venture with another partner GAC.