GAC Toyota starts building new NEV facility as part of NEV business expansion

Shanghai (Gasgoo)- GAC Toyota celebrated on August 29 the first spade cut for a new NEV manufacturing facility, the second phase under a project design to expand the joint venture's NEV capacity (hereinafter referred to as the “Phase Ⅱ project”), according to a posting on GAC Group's WeChat account.

(Photo source: GAC Group's WeChat account)

Covering a planned area of 740,000 square meters, the Phase Ⅱ project is expected to generate annual output value of over 50 billion yuan ($7,286,930,000) upon its completion, said GAC Group. It will not only remarkably lift GAC Toyota's overall production capacity, but also prompt more than 30 neighboring auto parts suppliers to produce annual outputs worth over 100 billion yuan ($14,573,860,000) in total.

GAC Toyota was strengthening its NEV offensive over the past several years. For instance, it successively rolled out such NEV models as the iA5, the Levin E+ dual-engine mid-level PHEV and the C-HR EV.

“The construction of the Phase Ⅱ project will help GAC Toyota quicken the pace in developing NEV business,” said GAC Group.

(Photo source: GAC Group's WeChat account)

Toyota currently has three production lines with an annual capacity aggregating 480,000 vehicles, of which the third one is compatible with the TNGA (Toyota New Global Architecture)-based vehicle models. GAC Group noted that the Phase Ⅱ project will entirely inherit the advantages of the existing three assembly lines and is expected to serve a driving force for the Guangdong-Hong Kong-Macao Greater Bay Area to build its NEV industrial cluster.

In late July, GAC Toyota reached a new milestone by having its 5 millionth vehicle roll off the production line. Thus, the joint venture hit the 5-million-unit threshold in both cumulative outputs and sales.

For the first seven months, GAC Toyota's outputs and sales rose 8.4% and 5.95% year on year respectively to 385,197 units and 395,449 units, outpacing the overall auto market.