The luxury vehicle division is working toward launching its first all-battery electric vehicle in 2020.
The Japanese automaker first announced its plans to launch electric vehicles specially designed to suit the Chinese market in November at the Guangzhou International Automobile Exhibition.
China Aims For Higher EV Sales
Toyota's move is in sync with China’s intent to boost electric vehicles sales.
China estimated last week that its new energy vehicle sales could account for 25% of all car sales by 2025, up from a previous target of around 20%, according to Reuters.
The world’s largest auto market is facing challenges of late after the Chinese government cut support for its electric vehicle makers in June. The country’s electric vehicle sales fell four months in a row in October.
But a strong brand reputation and hybrid technology could still position Lexus as one of the leaders in the Chinese EV market, along with Volkswagen AG/ADR (OTC: VWAPY) and Tesla Inc (NASDAQ: TSLA), according to Nikkei Asian Review.
Tesla is set to market its first batch of Shanghai-made cars in January 2020. Volkswagen said in November that it would invest more than $4.4 billion in China in 2020, with 40% of the investment being in the EV segment.
Photo courtesy of Lexus.
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