07:26 AM EDT, 06/28/2024 (MT Newswires) -- Toyota Motor ( TM ) is in talks with authorities about potential incentives for the construction of a wholly owned factory in Shanghai that will manufacture Lexus electrified cars, Bloomberg News reported Friday, citing people familiar with the matter.

Toyota ( TM ) is negotiating to receive the same treatment given to Tesla, including tax breaks, policy support, land grants and the ability to own and control the facility without a local venture partner, the people said, according to Bloomberg.

Toyota ( TM ) currently makes Lexus models at its fully owned factories in Japan and North America, the report said.

The company did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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