05:32 AM EST, 11/11/2024 (MT Newswires) -- Toyota Motor ( TM ) plans to make at least 2.5 million cars per year in China by 2030, up from the 1.84 million cars it made in the country in 2022, Reuters reported Saturday, citing unnamed sources.

The changes are part of a restructuring that will bring China sales and production closer together and give China-based executives more autonomy, according to the report.

"With the intense competition in the Chinese market, we are constantly considering various initiatives," the company said in a statement to Reuters.

Toyota ( TM ) did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 172.02, Change: -0.01, Percent Change: -0.01