Toyota to Make, Sell Hybrid Sedans in China
Marcel Woo | | Apr 20, 2014 10:08 AM EDT |
Starting next year, Japanese car manufacturer Toyota Motor Corp said it will be manufacturing and selling hybrid versions of its popular sedans Corolla and Levin, which will be fitted with China-made components.
The Japanese manufacturer also makes the Prius and Camry hybrids in China but imports key parts, which it makes it tough for Toyota to produce in high volume because of the import tariffs.
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The Corolla and Levin hybrid sedans that Toyota will introduce into China, the world's largest auto market, will be equipped with batteries that are entirely made in China.
The hybrids will also be fitted with transaxles and inverters that are purely China-made, said Toyota Executive Vice President Yasumori Ihara.
Ihara said the company's plan to manufacture and sell hybrid sedans in China will help it achieve the goal doubling auto sales in the country to around two million vehicles a year. He, however, did not give a timetable for Toyota's target.
Ihara said that to achieve its goal Toyota will soon introduce 15 new car models in China by the end of 2017, hopefully raising sales in the country. Toyota's China sales account for nearly 10 percent of its global sales last year.
In 2013, despite the anti-Japan sentiments in China, Toyota sold about 917,000 cars in the country, up 9 percent from 2012, and held a five-percent share in the market.
Meanwhile, another car manufacturer, Ford Motor Co, has unveiled a new made-for-China sedan, the Escort, which highlights China's growing influence on the global auto industry. Ford's new Escort compact sedan was designed at Ford's development center in China. It also has features that fit into the demand of the Chinese consumer.
The Escort will be available in China this year and would soon be introduced to other markets.
Ford and other foreign car manufacturers have started to remodel their global vehicles to appeal to the tastes of Chinese buyers, who last year bought a total of around 17.9 million vehicles.
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