Toyota Ramps Up Local EV Tech Development In China
Portfolio Pulse from Shivani Kumaresan
Toyota Motor Corp (NYSE:TM) plans to strengthen its local development of intelligence and electrification technology in China. The company will change the name of its largest R&D facility in China to 'Intelligent ElectroMobility R&D Center by TOYOTA (China) Co., Ltd.' as of August 1. Toyota aims to reduce manufacturing costs by developing a local supplier base, reviewing parts designs, and production engineering/manufacturing reform.
July 31, 2023 | 10:28 am
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Toyota's move to strengthen its local development of EV technology in China could potentially boost its market share in the competitive Chinese market.
Toyota's decision to strengthen its local development of EV technology in China indicates its commitment to gaining a larger market share in the competitive Chinese market. This could potentially lead to increased sales and revenue, positively impacting its stock price.
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