Toyota is reportedly preparing to share hybrid technology with Geely, according to a Bloomberg report.

The report said that Chinese officials asked Toyota to share its hybrid technology to help local companies meet stricter emissions targets. Anonymous sources told Bloomberg that Toyota is in advanced talks with Geely to share hybrid tech, a move that it sees as an opportunity to boost its business footprint in the world's largest market.

The report noted that China is starting to see hybrids as a means of reducing emissions on the road to a pure-electric future that enables it to reach environmental goals and reduce the country's oil imports.

The report added that Toyota could sell its technology to more than one Chinese carmaker.

The report also said Toyota would licence the technology as a complete package via battery supplier Hunan Corun New Energy Co. and noted that Corun works closely with Geely.

The Chinese authorities are keen to boost electrified vehicle (New Energy Vehicles) sales in China.

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