Toyota is determined to regain its market share in China by keeping pace with Chinese rivals in hybrid technology, batteries, and intelligent vehicles. The Japanese automaker plans to launch the first electric car model equipped with an advanced autonomous driving system in China next year, according to one of its joint ventures with Guangzhou Automobile Group (GAC).
GAC Toyota, the joint venture, aims to establish itself as a leader in autonomous driving technology among foreign brands in China. They will achieve this by introducing the Bozhi 3X SUV, which will be equipped with an advanced driving assistance system capable of parking and navigating on highways and urban roads.
To develop this cutting-edge system, GAC Toyota is collaborating with Momenta Global, a startup that specializes in autonomous driving software for various automakers, including Mercedes-Benz. In addition, GAC Toyota is partnering with Huawei to utilize the latter’s in-vehicle operating software. This collaboration will commence with the launch of an electric sedan specifically designed for the Chinese market in 2025.
Moreover, Toyota plans to revolutionize its electric vehicles even further by introducing an iron phosphate lithium battery by 2026-2027. This battery has the potential to reduce the production cost of their bZ4X electric vehicle by 40%. This move demonstrates Toyota’s commitment to enhancing the affordability and accessibility of its electric models.
Regaining its foothold in the Chinese market is crucial for Toyota. Recent data from the China Association of Automobile Manufacturers revealed that Toyota ranked fifth among all brands by car sales in China during the first four months of this year. However, compared to the same period in 2023, Toyota witnessed a significant 22% drop in sales.
By focusing on advanced autonomous driving systems and collaborating with strategic partners, Toyota aims to position itself as a formidable competitor in China’s evolving automotive landscape. The company understands that incorporating cutting-edge technologies is essential for success in China’s highly competitive market.
In conclusion, Toyota’s joint venture with GAC is set to launch an electric car model equipped with advanced autonomous driving capabilities in China next year. This move is part of Toyota’s strategy to regain its market share by staying on par with Chinese rivals in key areas such as hybrids, batteries, and intelligent vehicles. With collaborations with Momenta Global and Huawei, as well as plans to introduce an innovative iron phosphate lithium battery, Toyota is determined to secure its position as a leader in the Chinese automotive industry.