Toyota will strengthen development of EV 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 to show a sharper pivot to EVs. It recently detailed an ambitious new EV strategy that includes an overhaul of its supply chain and the development of long-range batteries.
China was once regarded by foreign automakers as an opportunity for almost boundless growth. Now they worry about diminishing market share thanks to the fast rise of local competitors and cut-throat prices.
Toyota is to accelerate powertrain development with suppliers Denso and Aisin as well as local design and development of "smart cockpits" that meet the needs of the Chinese market, it said in a statement.
It said it would strengthen development of its full suite of electrified cars, not just battery-powered on…