BEIJING, Sept.17 (Xinhua) -- Toyota Motor Corporation is likely to conduct technological cooperation with China’s Zhejiang Geely Holding Group in hybrid electric vehicles sector, reported the www.cs.com.cn citing an unnamed media on September 13.
Toyota revealed that it will carry out negotiation with Geely on this matter, but has not made any decision yet.
An insider disclosed that regarding the cooperation as a chance to make inroads in China, Toyota is likely to license its hybrid system to Geely to help Chinese companies meet stricter emissions requirements.
China has so far placed much focus on electric vehicles. According to the Chinese government, sales of new energy vehicles are expected to account for 20 percent of the total vehicle sales by 2025.
Toyota has laid emphasis on Chinese electric vehicle market, catering for China’s environmental protection target.
The Chinese market has only accounts for only 11 percent of Toyota's global sales, signaling great development potential. Hence, Toyota is strengthening its investment in China, especially in the new energy vehicles sector. (Edited by Zhang Yuan, Wu Shuang, zhangyuan11@xinhua.org)
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