Toyota Boosts EV Sales: Local Production & Supply Chain in China, U.S
On April 24, according to media reports, Toyota Motor will focus on developing local production and local supply chains in China and the United States to boost sales of electric vehicles.
Toyota has long viewed hybrid technology as the best path forward and has invested heavily in hydrogen technology, leaving the company behind in the transition to electric vehicles.
However, the company seems to have realized the potential of pure electric vehicles in the automotive industry.
In 2021, Toyota announced plans for electric vehicles. But in late October 2022, sources revealed that the company was considering restarting its EV strategy to better compete in the fast-growing EV market.
In December 2022, media reports said Toyota would change its EV strategy to compete with industry leaders Tesla and BYD.
In February, media reported that the company had set a goal of offering about 70 electric vehicles globally by 2025 and selling about 3.5 million pure electric vehicles by 2030.
Earlier this month, the company announced 10 new all-electric vehicles and aims to sell 1.5 million all-electric vehicles by 2026.
Part of Toyota’s growth strategy includes localization in China and the United States, according to media reports. On Friday, Toyota’s new chief executive, Koji Sato, pledged to strengthen its local supply chain for electric vehicles in China.
“In China, it is very important to increase the speed of pure electric vehicles from development to production,” he said.
In addition, he said: “In regions such as China and the United States, where the transition to pure electric vehicles is accelerating, we need to be bold in localizing production.”
Leave A Comment