Hyperdrive
Toyota to Target Tripling China Production Over Next Decade
- Carmaker aims to build 3.5 million cars in China around 2030
- Toyota seeking to tap China’s desire for greener vehicles
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Toyota Motor Corp. is aiming to triple car production in China by as soon as 2030 in a renewed push to make up lost ground in the world’s biggest market, according to people familiar with the plan.
Asia’s largest automaker is targeting to manufacture 3.5 million vehicles annually in China around that year while boosting imports to the country to half a million vehicles, the people said, asking not to be identified as the internal goal is private for now. Toyota can currently produce 1.16 million cars in China annually, and sold 1.3 million there last year for a 4.5 percent market share. Volkswagen AG and General Motors Co. delivered more than 4 million each.