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Lexus, the premium brand of Toyota Motor Corporation (NYSE:TM), is reportedly planning to establish its own factory in China. Initially, it aims to manufacture the Lexus UX hybrid and a new battery electric vehicle (BEV) model.
The models will be sold not only in China but also in overseas markets, including Japan, reported CnEV Post, citing a local media outlet.
Due to current Chinese authorities tightening controls on auto factory capacity, Lexus’ proposal to establish a wholly-owned plant may face delays in finalization.
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According to a June 28 report by Bloomberg, Toyota was in discussions with Shanghai authorities regarding the potential construction of a wholly-owned plant for manufacturing Lexus’ electric vehicles (EVs).
Toyota also seeks tax incentives, policy backing, land allocation, and the unique permission to independently own and manage factories in China without requiring a local joint-venture partner.
Toyota plans to utilize the plant to manufacture electric vehicles (EVs) for its premium Lexus brand.
The report added that Shanghai authorities are reportedly receptive to attracting increased foreign investment from major corporations but may require approval from the central government.
Price Action: TM shares are trading lower by 1.26% to $198.26 at last check Wednesday.
Photo via Shutterstock
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