Toyota is developing and making electric vehicles and EV batteries in China, the Japanese automaker said Wednesday, under a new partnership with the Shanghai government. Toyota Motor Corp. also announced it will start producing batteries for EVs,

Profit increased for Japanese vehicle manufacturer Toyota in its third quarter compared to the same period of the previous year. Toyota reported that its net income attributable to the company for the third quarter increased to 2.

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

A little over three years after Toyota revealed plans to build a new EV battery plant in North Carolina, the facility is about to open its doors. After releasing Q3 earnings on Wednesday, the company announced that the Toyota Battery Manufacturing North Carolina (TBMNC) plant had finished preparations.

The company will hire more than 5,000 workers to make batteries for hybrid and electric cars as part of Toyota's approach to encouraging EV ownership in the United States.