NAGOYA (Kyodo) -- Toyota Motor Corp. is planning to double its annual production in China to around 2 million units in the early 2020s in an effort to catch up with its rivals in the world's largest auto market, a source close to the matter said Wednesday.
Toyota manufactured 1.14 million cars and sold 1.29 million units in China last year, lagging behind Volkswagen AG and Nissan Motor Co., which sold 4.18 million and 1.51 million cars, respectively.
The move comes as Toyota has seen slower sales growth in North America, its biggest market.
Under the plan, Toyota is eyeing expanding the capacity of the existing plants, the source said. It has four plants in Chinese cities including Tianjin and Guangzhou, producing mainstay Corolla sedans and RAV4 sport utility vehicles.
Toyota also aims to introduce 10 models of hybrid and electric vehicles in China by 2020, while increasing the local production of batteries and motors in cooperation with parts suppliers, the source said.