Toyota must do more, faster to meet China market expectations – CEO

By Daniel Leussink and Maki Shiraki

TOKYO (Reuters) -Toyota Motor Corp must step up its speed and efforts to meet customer expectations in China, which will become an advanced market for electric vehicles, the automaker’s chief executive said on Friday. 

The Japanese automaker has faced pressure in China from local brands such as BYD Co (OTC:) Ltd that have moved more aggressively in tapping into the country’s growing market for battery-powered and plug-in hybrid electric vehicles (EVs).

“We need to increase our speed and efforts to firmly meet the customer expectations in the Chinese market,” CEO Koji Sato said during a roundtable interview with members of the foreign media in Tokyo.

“Considering the impact of the Shanghai motor show, I believe China will become an advanced market for EVs.”

The world’s biggest automaker by sales used the Shanghai show this week to unveil two new EVs, a move that will double the number on offer in China under its mainstream brand.

Toyota last year sold just 24,466 battery EVs worldwide, including those of its luxury Lexus brand, accounting for 0.25% of its global sales of 9.5 million vehicles.