It's just a rumor but assuming it's the truth, Toyota is way behind BYD and Tesla when it comes to EV

Despite all the price wars in China, most of the EV companies in China are previously established car manufacturer with connections to the government except for BYD, Cherry and Geely. The companies with connections with government is unlikely to be sold to foreigners and more likely the government will force mergers.

BYD, Cherry and Geely are doing well enough that they don't need a foreign partner, let alone a foreign company to take over. So, Toyota is left with the smaller companies that are likely to die off. Among those smaller companies, Neta is the only one currently in financial problem and already has an establish distribution and selling models. So, it is a good target to take over cheaply and have access to their tech even though they are not BYD level EVs. It's a good starting point for Toyota in EV in China.

JV means you don't have complete say while take over mean you have the power to run the company

Sime Darby is distributor for Toyota cars in Malaysia

It is not a JV. Sime Darby brings Toyota cars into Malaysia to sell

They sign a dealership agreement and not JV agreement

JV means 2 parties get together and cooperate to do biz by setting up a company

This way they both have say in how the company is run and products are made