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Toyota Motor Corporation (NYSE:TM) will strengthen its development of intelligence and electrification technology to make more competitive EVs for China.
Shares rose 0.86% on Monday morning.
TM’s sales in China fell 12.8% in June from the previous year while sales of EVs, hybrid EVs and fuel-cell EVs jumped 32.8% in the month, according to Fastmarkets, a cross-commodity price reporting agency.
China’s EV market is expected to increase from $260B in 2023 to $576B in 2028, according to Statista.
“The Chinese market is growing at an unprecedented pace,” Chief Executive Officer of the China region Tatsuro Ueda said in a statement.
“We will attempt to develop and provide competitive products that can satisfy Chinese customers at a fast pace. Furthermore, we will look to share development results and lessons learned in China, not only within China, but also globally.”
Among initiatives to be taken, Toyota (TM) is changing the name of Toyota China’s largest R&D facility “Intelligent ElectroMobility R&D Center by TOYOTA (China) Co., Ltd. (IEM by TOYOTA)” from “Toyota Motor Engineering & Manufacturing (China) Co., Ltd.”
In addition, it will accelerate electric powertrain development with Denso and Aisin “transcending organizational boundaries to also join forces with IEM by TOYOTA.”
Local design and development of smart cockpits for better user experience through design and use of AI will be a focus, as will autonomous driving systems/advanced safety features that better fit the “actual situation in China.”
TM will develop a local supplier base among other initiatives to strengthen competitiveness.
Shares of the stock are up 4.8% over the past 12 months.
