Toyota’s new CEO Koji Sato is an expert on diesel engines but his task now is to speed up the automaker's previously slow approach to adopting EVs.

The automakers will work together on fewer projects than Renault wanted, reports said. A deal to reshape their alliance is expected to be announced on Feb. 6 in London.

Production fell 9.8 percent to around 775,000 cars in 2022, the worst result since 1956.

Hyundai increased dividends in an unusual move for the automaker, after operating profit more than doubled in the latest quarter.