BYD and Toyota join forces to drive forward electric vehicle development
Chinese and Japanese auto makers take equal share in research and development project
Chinese electric car maker BYD and Japan’s Toyota have signed an agreement to establish a joint company to research and develop battery electric vehicles (BEV).
The new company, which will work on designing BEVs (including platform) and related parts, is expected to be set up in China in 2020, the company said in a statement.
BYD and Toyota will share evenly 50 per cent of the total capital needed. They did not disclose the value of the venture.
The project will concentrate on BEVs that are attractive to Chinese customers. By promoting widespread adoption, they hope to contribute to environmental improvements.
In China, Toyota is working on spreading electrification and developing vehicles that meet Chinese customer's needs in collaboration between Toyota Motor Engineering & Manufacturing (China) andR&D centres in Chinese joint-venture companies.
BYD, which stands for "Build Your Dreams" was founded in 1995 as a battery business and has grown into a total energy solution company, manufacturing not only electrified vehicles but also products such as large-size energy storage cells. In 2008 it became the first company in the world to mass produce plug-in hybrid electrified vehicles.
Toyota has sold more than 14 million electrified vehicles worldwide.