Toyota Restarts China Expansion... "At Least 2.5 Million Units Annually by 2030"

"We Will Reclaim the Market Lost to Chinese Companies"

Japanese automaker Toyota has set a goal to produce at least 2.5 million vehicles annually in China by 2030, according to major foreign media reports on the 9th (local time).

Yonhap News

Toyota's strategy contrasts with other global automakers that are scaling down or withdrawing from China.

Major foreign media have described this as a "strategic pivot" by Toyota, the world's largest automaker, to reclaim market share lost in recent years to local competitors such as BYD in the world's largest automotive market, China.

According to reports, Toyota plans to restructure by more closely integrating local sales and production in China and granting more development authority to local management.

In particular, regarding electric and connected car technologies, Toyota intends to delegate as much development responsibility as possible to local employees who better understand the preferences of the Chinese market.

A source said this move reflects Toyota's growing internal recognition that it must rely more on local staff to handle product development and accelerate speed in China, warning that otherwise it would be "too late."

Major foreign media pointed out that one of Toyota's challenges is that vehicles independently developed by local joint ventures are selling better than those produced jointly with Toyota. Global automakers, including Toyota, have struggled in the Chinese market against local electric vehicle manufacturers who emphasize advanced technology and reasonable prices.

Toyota stated, "We are constantly reviewing various plans amid fierce competition in the Chinese market," and added, "We will continue to strive to make 'better cars' for the Chinese market."

This content was produced with the assistance of AI translation services.