Toyota Group is preparing a significant strategic shift for the Chinese market, aiming for a breakthrough in the electric vehicle sector. It is reported that the group plans to establish a wholly-owned factory in Shanghai by 2027, dedicated to producing pure electric models for its luxury brand Lexus. This move marks Toyota's first venture into sole proprietorship in China's market, making Lexus the first Japanese luxury brand to set up a sole proprietorship factory in the country.
Toyota's choice of Shanghai for its sole proprietorship factory is clearly based on a deep insight into the potential of China's electric vehicle market. As the world's largest electric vehicle market, China boasts a vast consumer base and an efficient and comprehensive supply chain for auto parts. Toyota hopes to reduce production costs and enhance the competitiveness of the Lexus brand in China's new energy vehicle market through the sole proprietorship factory.
It is revealed that the Shanghai factory will focus on the production of electric vehicles, with the first model expected to be the previously showcased pure electric concept car LF-ZC or its higher-end version LF-ZL. These models will be equipped with the latest modular electric vehicle platform and advanced battery technology, with a driving range expected to reach nearly 1,000 kilometers. Toyota aims to replicate Tesla's success in the Chinese market by localizing production to enhance product competitiveness.
It is worth noting that Lexus has performed well in the Chinese market. Despite fierce competition, Lexus sold approximately 180,000 vehicles in 2023, a year-on-year increase of 3%, making it a top performer among Japanese brands in China. This achievement further demonstrates Lexus's potential and brand influence in the high-end market.
Toyota Group's decision to establish a sole proprietorship factory is not only an acknowledgment of the potential of China's electric vehicle market but also a firm confidence in the future development of the Lexus brand in China. By setting up a sole proprietorship factory, Toyota will be able to better integrate resources and advantages, enhance the competitiveness and market share of the Lexus brand in China. At the same time, Shanghai, as China's economic hub, will provide Toyota with abundant high-end talent and supply chain resources to support its breakthrough in the new energy vehicle sector.
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