FILE PHOTO-A Toyota EV car is seen at the Bangkok International Motor Show in Bangkok, Thailand, March 30, 2022. REUTERS/Soe Zeya Tun/File Photowill strengthen its 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.
The move is the latest from the world's top selling carmaker that shows a sharper pivot to electric vehicles. It recently detailed an ambitious new EV strategy that includes an overhaul of its supply chain and the development of long-range batteries. China, once seen as an opportunity for potentially limitless growth for foreign automakers, is now regarded as a increasingly competitive market thanks to the rise of fast-moving local companies.
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