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 (NYSE:TM) is ramping up its electric vehicle (EV) and battery production efforts with new initiatives in both China and the U.S., following a surge in its third quarter profit.  The company has partnered with the Shanghai government to build a new facility in Jinshan district,

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.