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

The plant, set to begin operations in 2027 or later, will focus on producing electric vehicles (EVs) and automotive batteries.

Toyota Motor (NYSE: TM) is set to establish a wholly owned company in Shanghai to develop and manufacture electric vehicles (EVs) and batteries for its Lexus brand, with production slated to begin in 2027.

Lexus has revealed pricing and performance specifications for the 2025 LX 700h. The $115,350 luxury SUV has a hybridized V6 with 457 hp and 583 lb-ft of torque. The LX 600 remains available, but a trimmed lineup has sent prices soaring.

If you're in the market for a nicer hybrid large SUV than the Toyota brand's Sequoia, the Lexus LX 700h should be on your shortlist

The significantly updated 2025 Lexus LX slides into the large premium SUV segment with all the interior panache, fit and finish, and solidity you would expect of the most expensive Lexus SUV in the lineup. With the added active safety features and the new adventurous Overtrail off-roader, Lexus hits several additional sweet notes.