Toyota's push also comes as worries grow around Asia about a potential trade war brewing after President Donald Trump imposed tariffs on Chinese goods and China retaliated with tariffs to take effect next week.

The push comes as worries grow about a potential trade war brewing after President Donald Trump imposed tariffs on China and China retaliated.

The company will hire more than 5,000 workers to make batteries for hybrid and electric cars as part of Toyota's approach to encouraging EV ownership in the United States.

Japan's Toyota said Wednesday it will build an electric vehicle plant in Shanghai for its luxury Lexus brand as it raised its annual net profit forecast to almost $30 billion.- Forecasts up - Toyota said Wednesday it expects to log a net profit this financial year of 4.

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.

By bno - Taipei Bureau Toyota Motor Corp. has revealed plans to establish a wholly-owned electric vehicle (EV) and battery manufacturing facility in Shanghai, China. In doing so, the Japanese car giant is marking a significant departure from its traditional joint venture approach in the country according to AFP.