Toyota wants ‘even better cars’ to keep up with China’s EV leaders [Video]

Like most legacy automakers, Toyota is struggling to keep up in China’s intensifying EV market. However, the company isn’t planning to back down like some of its peers. Toyota wants to make “even better cars” while ramping output to keep pace with domestic leaders like BYD.

Toyota wants to build as many as 3 million vehicles a year in China by 2030. That’s nearly double the 1.75 million cars built there last year.

According to a new Reuters report, the Japanese auto giant plans to overhaul its business in the region. Three sources familiar with the plans said Toyota aims to bring sales and production closer in China while giving local leadership more control.

The plans drastically differ from the reports last year that Toyota’s joint venture partner, FAW, was cutting production and jobs in the region because of the “severe market environment.”

Nonetheless, Toyota wants to revamp its business in China after losing significant market share to domestic …