Toyota said Wednesday it will build an EV plant in Shanghai, China. The plant will produce a new Lexus brand EV vehicle.

The Shanghai factory is expected to start production in 2027 and will develop a new BEV under Toyota's premium Lexus brand.

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.