By Nick Carey (Reuters) -Toyota said on Wednesday it would build an electric vehicle model at its factory in the Czech Republic, its first fully-electric model to be made in Europe, and would also invest in a new battery assembly facility at the plant. The Japanese automaker did not disclose details of the model or […]
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Toyota to produce first fully-electric car in Europe at Czech plant
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By Nick Carey
(Reuters) -Toyota said on Wednesday it would build an electric vehicle model at its factory in the Czech Republic, its first fully-electric model to be made in Europe, and would also invest in a new battery assembly facility at the plant.
The Japanese automaker did not disclose details of the model or timing for production, but said it would invest about 680 million euros ($796 million) to expand its plant in Kolin.
The Czech government will invest up to 64 million euros in the dedicated battery facility, Toyota said.
The auto industry makes up around 10% of Czech gross domestic product, and Toyota’s decision to build an EV in Kolin was a key step toward “keeping car manufacturing in our country,” Czech Prime Minister Petr Fiala said in a statement.
The world’s biggest automaker by sales, Toyota has been more cautious in its approach to EVs than its traditional rivals, which has helped it over the last year as global EV demand has slowed.
The company has benefited from demand for its expanding hybrid line-up, including in its biggest market, the United States.
Earlier this year, Toyota said it will launch a total of nine fully-electric models in Europe in 2025 and 2026 for its Toyota and premium Lexus brands.
It produces the Aygo X and Yaris Hybrid at its Czech plant, which has an annual capacity of about 220,000 vehicles.
($1 = 0.8542 euros)
(Reporting by Nick Carey; Editing by Bernadette Baum)