Key Points
TOKYO, July 31 (Reuters) - Toyota (7203.T) will strengthen development of electric vehicle technology in China, the automaker said on Monday, as it looks to catch up with increasingly tough domestic competition in the world's largest auto market...
It recently detailed an ambitious new EV strategy that includes an overhaul of its supply chain and the development of long-range batteries...
The automaker will also have engineers from three joint ventures - with FAW Group, Guangzhou Automobile Group (GAC) and BYD - work together on a project basis at its biggest research and development facility in China...
Toyota, which has seen its China sales including of its luxury Lexus brand slip 2.8% to about 879,000 units in the first half of the year, said it would aim to significantly reduce manufacturing costs, including through developing a local supplier base, to become more competitive...
The move to step up electric technology development comes after some of the leading global automakers recently tweaked the way they are developing cars in China...
