Toyota targets production of 2.5 million vehicles a year in China by 2030: Report

Toyota is planning to ramp up production in China to 2.5 million vehicles annually by 2030, aiming to regain market share lost to local competitors like BYD. This strategic pivot sets Toyota apart from other global carmakers scaling back in the region. The plan involves closer integration of sales and production operations in China, as well as transferring development responsibilities to local staff. This move comes as legacy automakers struggle to keep up with domestic EV makers in China. Toyota’s goal is to incorporate local partners’ expertise into their vehicles and consolidate production at one joint venture. The company is also working to reassure suppliers of its commitment to the Chinese market amid intense competition.