Toyota Ramps Up Local EV Tech Development In China

Toyota Motor Corp TM said it will work towards strengthening its local development of intelligence and electrification technology in China.

The automaker's statement comes as it looks to gain a market share in the intensely competitive Chinese market.

Toyota will change the company name of Toyota China's largest R&D facility Toyota Motor Engineering & Manufacturing (China) Co., Ltd. to "Intelligent ElectroMobility R&D Center by TOYOTA (China) Co., Ltd. (IEM by TOYOTA)" as of August 1.

Toyota will strengthen the local development of all electrified vehicles (BEV, PHEV, HEV, FCEV) in order to achieve multi-pathway-based carbon neutrality. 

Also Read: Toyota Shifts Focus To Europe, China Targeting Hydrogen Powered Vehicles

It will boost electric powertrain development with Denso and Aisin, automotive and component developers, transcending organizational boundaries to join forces with IEM by TOYOTA.

The company will also leverage AI capabilities to enhance features and ramp up local design and development of smart cockpits.

Toyota aims to reduce manufacturing costs by developing local supplier base, reviewing parts designs, and production engineering/manufacturing monozukuri reform.

"The Chinese market is growing at an unprecedented pace," said Tatsuro Ueda, CEO of the China Region.

"Toyota will also work together as a group to reform how we work & think to survive in China."

Price Action: TM shares are trading higher by 1.08% at $168.95 in premarket on Monday.