BYD partners with Toyota for battery electric vehicles

BYD partners with Toyota for battery electric vehicles

China's leading new energy vehicle manufacturer BYD announced Thursday that it will start up a 50-50 joint venture (JV) company with Toyota to develop battery electric vehicles (BEVs).

In July, the companies said they would develop battery-electric sedans and sport utility vehicles, which would then be sold under the Toyota brand in China before 2025. No particulars regarding the overall value of the venture were revealed and the newly established company is projected to be set up in China mostly in 2020.

BYD and Toyota are making plans to staff the new R&D company by transferring engineers and other workers from R&D jobs from their respective firms.

China is the world's largest auto market.

The venture aims to develop vehicles that run exclusively on batteries, rather than plug-in hybrid or gasoline-electric vehicles which also have a combustion engine.

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BYD is the latest of several new EV bedfellows for Toyota, which has also announced a partnership with Panasonic and a broadened commitment with Subaru, increasing the likelihood that its joint venture with BYD will only have a direct impact on the Chinese market.

"With the same goal to further promote the widespread use of electrified vehicles, we appreciate that BYD and Toyota can become "teammates", able to put aside our rivalry and collaborate", Toyota executive vice president Shigeki Terashi said. "We hope to further advance and expand both BYD and Toyota from the efforts of the new company with BYD".

It has subsequently expanded into manufacturing electric bicycles, forklifts, rechargeable batteries, as well as full battery, plug-in, hybrid and internal combustion engined cars, buses, and trucks.

Toyota has sold more than 14 million electrified vehicles worldwide and has accumulated extensive knowledge concerning the development, production, and sale of both HEVs and their related core components.

Toyota globally expects to hit its target of having electrified vehicles accounting for over half of all sales by 2025, five years ahead of initial projections.

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