Toyota to ramp up China production to bring sales, production more closer

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Toyota to ramp up China production to bring sales, production more closer - Business Standard

Quick Summary:

The bigger number represents a 63 per cent increase on the record 1.84 million vehicles it produced in China in 2022.Last year it produced 1.75 million vehicles there.

It aims to boost production to as much as 3 million vehicles a year by the end of the decade, two of the people said.

The plan, which has not been previously reported, represents a strategic pivot by the world's top selling automaker in the world's largest car market, underlining its ambition to claw back business lost to BYD and other local players in recent years.