Toyota plans to establish a wholly-owned factory in Shanghai to produce high-end Lexus electric vehicles.

Toyota is targeting China and plans to build a factory in Shanghai dedicated to producing high-end Lexus electric vehicles. The operation will be wholly owned, not in a joint venture. Seeking policy incentives, it is emulating Tesla. CEO Koji Sato is pushing for an "electric vehicle first" strategy, aiming for sales of 1.5 million by 2026 and 3.5 million by 2030.

Toyota has been active recently:

• Adding $1.3 billion in investment to transition to electric vehicles.
• Increasing battery production capacity in the US with nearly $8 billion in investment.
• Launching a new electric vehicle in 2026 with a 20-minute charge time and a 1000-kilometer range.
• Establishing a battery research laboratory in the US with a $50 million investment, set to open in 2025.

With clear strategies and swift actions, Toyota's move towards electrification is firm.