Toyota Motor Corp. pioneered the world's most successful hybrid car, but when it comes to pure electric vehicles it has some catching up to do, especially in China.
The Hong Guang Mini EV, a tiny, no-frills car made by a General Motors joint venture that costs under $5,000 is a smash hit in the world's biggest car market while Toyota has yet to launch its own small, low-cost electric vehicle in China.
Toyota, the world's biggest carmaker, unveiled its solution at the Shanghai auto show on Monday: a new universal platform for electric vehicles (EVs) called e-TNGA that will underpin an array of models from small runarounds to large SUVs.