Toyota plans spending $1.2 billion in EV plant in Tianjin with FAW

Japanese automaker Toyota prepares to build a new electric vehicle plant in the Tianjin, China with its regional partner FAW Group, a document from the local officials showed.

The joint venture between Toyota and FAW prepares to invest around 8.5 billion yuan ($1.22 billion) in the concerning car plant in Tianjin, according to a document released by officials of the China-Singapore Tianjin Eco-city.

The plant will have production capacity of 200,000 new energy vehicles annually, the document revealed. In China, new energy vehicles consists battery-only, plug-in hybrid and fuel-cell vehicles.

Toyota refused to comment on the project but stated that the company regards China as one of its most significant global markets and is constantly considering various ways to implement in China to fulfill the needs of growing the business in the country.

Last year, regardless of China’s overall auto market declining 8.2%, Toyota sold 1.62 million Toyota and premium Lexus cars in China, the world’s biggest auto market, a 9% sales increase compared with a year ago.

It is also expanding car manufacturing capabilities in its Guangzhou-based venture with another partner GAC Motors.