Toyota to Team Up with China's CATL on Electric Vehicles
Tokyo, June 7 (Jiji Press)--Toyota Motor Corp. <7203> will form a partnership with China's Contemporary Amperex Technology Co., or CATL, the world's largest automotive battery maker, in a bid to accelerate its development of electric vehicles, informed sources said Friday.
Toyota currently works on the goal of boosting the share of electric-powered vehicles to half of its global sales by 2030. The leading Japanese automaker will now aim to achieve the target around five years earlier, according to the sources.
In the automotive industry, competition to develop electric vehicles is intensifying against the backdrop of tighter environmental regulations.
Toyota initially focused on the development of gasoline-electric hybrid vehicles, but is now hurrying to strengthen electric vehicle development.
Based in China, the world's largest automobile market, CATL is in partnership with a wide range of domestic and foreign automakers. It is jointly developing batteries for electric vehicles with Honda Motor Co. <7267>.
[Copyright The Jiji Press, Ltd.]