Toyota is developing and making electric vehicles and EV batteries in China, the Japanese automaker said Wednesday, under a new partnership with the Shanghai government. Toyota Motor Corp. also announced it will start producing batteries for EVs,

Toyota Motor will establish a wholly owned company in Shanghai to develop and produce electric vehicles and batteries for the Lexus brand, with production set to start in 2027, the world's top-selling automaker said on Wednesday.

Toyota Motor sold 10.8 million vehicles globally in 2024, retaining its position as the world’s biggest carmaker.

Toyota Motor raised its full-year operating profit forecast by 9% on Wednesday, in a sign of confidence in its ability to ride out any potential U.S. tariffs.

Toyota Motor Corp. raised its annual operating profit outlook even though quarterly income fell short of estimates due to a downturn in global sales and production, indicating that it sees activity picking up at a faster pace later.

Toyota Motor sold 10.8 million vehicles globally in 2024, retaining its position as the world’s biggest carmaker.