Toyota Motor Corporation's (NYSE:TM) luxury brand Lexus will reportedly incorporate RoboSense Technology's LiDAR products in several upcoming all-electric models, primarily utilizing the Chinese manufacturer's M-platform products.
The collaboration will expand to include other Toyota brands in the future, reported CnEV Post.
RoboSense stated in its first-quarter earnings report that it has formed a supply partnership with the world's leading carmaker for 2021 to 2022, specifically identifying Toyota, the report read.
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RoboSense, listed on the Hong Kong stock exchange, is China's largest LiDAR manufacturer, serving numerous clients such as BYD (OTC:BYDDY), SAIC Motor Corp, Geely Auto, and Toyota.
In the electric vehicle (EV) market, Toyota has been cautious in its approach, but indications suggest it may be preparing for a shift, CnEV Post added.
Toyota is reportedly in talks with Shanghai authorities regarding the potential construction of a fully owned factory for producing electrified vehicles under the Lexus brand, a move seen as daring given its current challenges in China, Bloomberg said in a report dated June 28.
Price Action: TM shares are trading lower by 0.63% to $204.58 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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