Toyota Motor Corp. has begun talks with Chinese automobile battery maker Contemporary Amperex Technology Co., sources familiar with the matter said Friday, as it looks to expand its production of all-electric vehicles.
An alliance would provide a stable supply of batteries as the Japanese carmaker pursues further development of EVs amid tightening fuel consumption regulations around the world.
Toyota will hold a briefing on Friday in Tokyo about its current production of battery-equipped cars, including gasoline-electric hybrids, and future direction
The major automaker is expected to achieve the goal of selling over 5.5 million electrified vehicles by 2025, five years earlier than the initial target, of which more than 1 million will be EVs or fuel cell vehicles.
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