Toyota announced that it would accelerate the development of electric car technology in China in an effort to keep up with the country's fierce domestic rivals in the largest auto market in the world. The move, which is the latest from the top-selling automaker in the world, illustrates a greater shift toward electric vehicles. A revamp of its supply chain and the creation of long-range batteries are two aspects of its newly revealed ambitious new EV strategy.

 

Due to the advent of quick-moving local businesses, China—once perceived as a market with potential for endless expansion for foreign automakers—is now viewed as one that is becoming more and more competitive. On Monday, Toyota announced that it would quicken the development of its powertrains in collaboration with suppliers Denso and Aisin as well as local design and development of "smart cockpits" tailored to the Chinese market.

 

In order to increase its competitiveness, it stated that it will work to dramatically lower production costs, particularly by creating a local supplier base.

 

To reach carbon neutrality through a "multi-pathway"-based strategy, it claimed it would strengthen the development of battery-powered automobiles, plug-in hybrids, hybrids, and fuel cell cars in China.

 

Toyota Motor Corporation is a global Japanese automaker with its main offices in Toyota City, Aichi, Japan. Kiichiro Toyoda established it, and it became a corporation on August 28, 1937. One of the biggest automakers in the world, Toyota produces around 10 million automobiles annually.