Toyota to boost EV development and technology in China (updated)

Aisin

31/07/2023 08:03

(Adds details and background)
       TOKYO, July 31 (Reuters) - Toyota  7203.T  will
strengthen its development of electric vehicle technology in
China, the automaker said on Monday, as it looks to catch up
with increasingly tough domestic competition in the world's
largest auto market.
    The move is the latest from the world's top selling carmaker
that shows a sharper pivot to electric vehicles. It recently
detailed an ambitious new EV strategy that includes an overhaul
of its supply chain and the development of long-range batteries.
        China, once seen as an opportunity for potentially
limitless growth for foreign automakers, is now regarded as a
increasingly competitive market thanks to the rise of
fast-moving local companies.
  
        Toyota said on Monday it would accelerate powertrain
development with suppliers Denso  6902.T  and Aisin  7259.T  as
well as local design and development of "smart cockpits" that
meet the needs of the Chinese market.
  
        It said it would aim to significantly reduce
manufacturing costs, including through developing a local
supplier base, to become more competitive.  
  
        It will strengthen development of battery-powered
vehicles, plug-in hybrids, hybrids and fuel cell cars in China
in order to achieve carbon neutrality through a
"multi-pathway"-based approach, it said.

 (Reporting by Daniel Leussink; Editing by David Dolan and
Christian Schmollinger)
 ((daniel.leussink@thomsonreuters.com; Twitter:
@danielleussink;))