BEIJING – Toyota Motor said on Thursday it is forming a strategic alliance with Chinese internet giant Tencent Holdings to work together on artificial intelligence, cloud computing and big data for electric vehicles sold by the Japanese automaker in China.
Demand for EVs is growing rapidly in China, but Toyota is struggling in the market due to aggressive pricing and marketing by local competitors. The Japanese brand will work with Tencent on automotive software – key to next-generation cars – as it looks to accelerate in the sector.