Reported 16 days ago
Toyota is set to ramp up its annual production in China to at least 2.5 million vehicles by 2030, a significant strategic shift aimed at reclaiming market share from local competitors like BYD. This plan involves closer integration of sales and production operations and granting more autonomy to local executives in vehicle development. Unlike other global automakers pulling back from China, Toyota is reinforcing its commitment amid intense local competition. The company aims to consolidate production efforts, enhance the involvement of local knowledge in product development, and respond to the rapidly evolving preferences in the Chinese market.
Source: YAHOO