Toyota bets on local parts to win back China

Toyota plans to source more parts inside China to cut costs and speed up development, as the Japanese automaker tries to regain market share in the world's largest car market. The company said it will deepen local sourcing and design more vehicles around Chinese buyers' needs. This should lower prices and shorten the time it takes to launch new models. Toyota has lost ground in China to faster-moving local brands, especially in electric vehicles. By buying more parts locally, the company aims to compete better on price and respond quicker to changes in demand. The automaker did not give a timeline or sales target for the plan.