Toyota's Strategy to Dominate China's Hybrid Car Market
Nearly 22 million people bought new vehicles in China in 2013, but electric-gasoline-hybrid vehicles found only 3,038 takers. As people buy more cars in China, controlling pollution and managing oil imports is becoming a huge challenge for the country. The government sees eco-friendly vehicles as a possible solution to this problem, and offers subsidies on electric and other alternate-fuel vehicles. Strangely, it has kept hybrids out of its subsidy programs.
But the story may change before long -- automakers have already started formulating their strategies for China's hybrid market. Toyota (NYSE: TM ) , the pioneer in hybrids, has sensed a big opportunity in the country, and made a series of announcements. Can Toyota develop a viable market for its hybrid cars in China?
Toyota's game plan
Toyota has sold more than 1 million hybrids across the world in the last nine months, and more than 90% of the sales have come from Japan, North America, and Europe. Oddly, there is no demand from China, which is the world's largest auto market.
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