Toyota teams up with Tencent for drive into China's EV market

BEIJING -- Toyota Motor said on Thursday that it is forming a strategic alliance with Chinese internet giant Tencent Holdings, cooperating in artificial intelligence, cloud computing and big data for electric vehicles sold by the Japanese auto company in China.

Demand for EVs in China has been growing rapidly, but Toyota has been struggling in the market due to aggressive pricing and marketing from local competitors. The Japanese brand will collaborate with Tencent on in-car software -- key to next-generation vehicles -- as it looks to accelerate in the sector.