Toyota announces Lexus EV plant in Shanghai

Tokyo (AFP) Feb 5, 2025

Japan's Toyota said Wednesday it will build an electric vehicle plant in Shanghai for its luxury Lexus brand as it raised its annual net profit forecast to almost $30 billion. China overtook Japan as the biggest vehicle exporter last year, helped by its dominance in EVs. Many foreign car firms are struggling in China, but Toyota - the world's top-selling automaker - said it wants to "m