A new energy vehicle (NEV) project of FAW Toyota was launched on Monday in north China's Tianjin Municipality, according to the Tianjin FAW Toyota Motor Co., Ltd.
Located in the China-Singapore Tianjin Eco-City, the project is expected to be put into operation in June 2022, and will become an important NEV production plant of FAW Toyota in China after completion, said the company.
The project is a major step by FAW Toyota to implement the electrification development strategy of both parent companies, said Xu Liuping, chairman of the FAW Group.
China produced and sold 1.24 million and 1.21 million units of NEVs respectively in 2019, according to the China Association of Automobile Manufacturers.
After completion, the project is expected to increase its annual industrial output by 50 billion yuan (about 7.1 billion U.S. dollars), which will also attract a number of related supporting enterprises to form a new energy industry cluster in the area, said Xu.
Despite the COVID-19 outbreak, FAW Toyota sold 225,000 vehicles in the second quarter, up 12 percent year on year.
Editor:Cherie
