Core Viewpoint - The Shanghai Municipal Government and Toyota Motor Corporation signed a strategic cooperation agreement to enhance collaboration in the field of new energy vehicles, contributing to China's green and low-carbon development [1]. Group 1: Strategic Cooperation - Toyota will establish a comprehensive new energy vehicle company in Shanghai, focusing on research, manufacturing, and sales, including the production capacity for Lexus electric vehicles and advanced power batteries [1]. - This project marks a significant step for Toyota's wholly-owned Lexus new energy vehicle project in Jinshan District, Shanghai, with a total investment of 14.6 billion yuan and an initial land acquisition of 1,692 acres, expected to commence construction in June 2023 and produce its first vehicle by 2027 [1]. Group 2: Industry Impact - The agreement signifies Shanghai's commitment to expanding high-level openness, promoting technological and industrial innovation, and accelerating the development of a global leading new energy vehicle industry cluster [1]. - Jinshan District currently hosts 159 automotive industry chain enterprises, including 96 large-scale enterprises and 64 specialized and innovative enterprises, covering various aspects of the new energy vehicle industry chain [2]. - The Jinshan District government has been actively facilitating the Lexus new energy project since October of the previous year, ensuring efficient land acquisition and project progression through coordinated efforts among relevant departments [2].

Group 1 - The signing of the agreement marks a significant advancement for the Lexus electric vehicle project in Shanghai, becoming another globally influential EV project after Tesla's Shanghai Gigafactory [1][4] - Toyota will establish a comprehensive electric vehicle company in Shanghai, focusing on research, manufacturing, and sales, and will produce Lexus brand vehicles locally for the first time [2][4] - The project site covers approximately 1,127,800 square meters (about 1,692 acres) with a transaction price of 1.3534 billion yuan [2][3] Group 2 - The project, named "Lexus Electric Vehicle and Toyota Battery Project," requires a minimum investment intensity of 842,000 yuan per acre and a fixed investment of no less than 14.248 billion yuan, with an expected annual sales revenue of 23.6 billion yuan [3] - Construction is set to begin in June 2023, with the first vehicle expected to roll off the production line in 2027 [3][4] - The rapid progress from the announcement on February 5 to land acquisition on April 1 demonstrates the efficiency of the Shanghai government in facilitating the project [5]