Toyota is following Elon Musk's lead as it tries to turn things around in China

Toyota's sales in China are slumping as it faces brutal competition from local EV giants like BYD.The Japanese automaker plans to fight back by taking a page from Elon Musk's playbook.It said Wednesday it would build a fully owned EV factory in Shanghai, after Tesla did the same in 2019.Toyota is taking a page out of Elon Musk's playbook as it plots a comeback in China. The Japanese automaker announced on Wednesday that it would build a new EV and battery factory in Shanghai, as it seeks to turn around stut ...