Toyota sees its hybrids accounting for as much as 30% of its sales in China by 2020 according to a Nikkei report.
The report cited remarks by Toyota’s head in the country. Toyota will start making hybrids in China from later this year.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Toyota’s Prius hybrid made its Chinese debut in 2005 and was followed in 2010 by a hybrid version of the Camry. But the company has succeeded in selling only around 90,000 hybrids in China so far, owing partly to their higher production costs, which are reflected in higher prices than conventional gasoline vehicles.
Looking at the Chinese auto market as a whole, Onishi said that despite slowing volume, Toyota has not given up on a sales goal of two million vehicles a year, Nikkei reported.
Toyota sales in China are recovering after a period when they suffered from anti-Japanese sentiment inside the country. Toyota recently announced that it will add capacity at its Guangzhou JV.
