Economy, Auto

Toyota Plans Mass EV Production in China

Toyota is in the process of expanding in the Chinese EV market. Toyota is in the process of expanding in the Chinese EV market.

Toyota Motor Corp is likely to begin mass production of electric vehicles (EVs) in China as early as 2019, the Asahi daily reported on Saturday.

The model will be based on the C-HR – recently introduced in Iran – and manufactured for the Chinese market only, the report said without citing sources, Reuters reported.

The pace of production is to be decided after taking into account the regulations and the subsidies, the report said, adding that annual output could start with more than several thousand units.

Toyota spokesman Ryo Sakai said: “We are going to introduce EVs in China within a few years. However, we don’t talk about any future product plans.”

Keen to combat air pollution, China is planning to set goals for electric and plug-in hybrid cars to make up at least a fifth of Chinese auto sales by 2025, with a staggered system of quotas beginning in 2018.

Toyota is looking to take on the likes of US-based Tesla Motors, which produces only electric vehicles for the international market.

BYD, China’s biggest producer of electric vehicles,  saw a multi-million dollar investment from business tycoon Warren Buffet.

In Shanghai, a two-door battery electric Chery eQ costs around 60,000 yuan ($11,600) after subsidies. Without subsidies, the eQ would cost an additional 100,000 yuan ($14,000) or so.

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