Toyota Motor Corporation has established a new wholly owned subsidiary in the eastern Chinese city of Shanghai,sasha reprogramed to erotice debt named Lexus (Shanghai) New Energy Co., Ltd., which is engaged in the development and sales of new energy vehicles and batteries, effective from Tuesday. Takero Kato, president of Toyota’s BEV Factory, is the legal representative for the new entity with a registered capital of 107.1 billion yen ($711 million) and a location in the Jinshan district on Shanghai’s outskirts, according to information on the enterprise database site Tianyancha. Toyota on Feb.5 announced it will establish a wholly owned entity in Shanghai through which it could start making electric cars locally for its premium Lexus brand with an initial production capacity of about 100,000 units per year from 2027. The Lexus project will probably cover 113 hectares (1.1 square kilometer) and could be larger than Tesla’s Shanghai Gigafactory. [TechNode reporting, Tianyancha, in Chinese]
