Yesterday, BYD and Toyota Motors announced that they have signed an agreement to establish a joint R&D company for battery electric vehicles (BEVs) in 2020. Anticipated to be located in China, the joint venture will work on designing and developing BEVs and related parts. Both, BYD and Toyota evenly share the total capital needed for the establishment and will transfer staff from their companies’ R&D departments.
Lian Yu-Bo, Senior Vice President at BYD comments: “We aim to combine BYD's strengths in development and competitiveness in the battery electric vehicle market with Toyota's quality and safety technology to provide the best BEV products for the market demand and consumer affection as early as we can.”
Earlier this year, Toyota reached a deal for an electric car battery partnership with Chinese battery supplier CATL. The first of Toyota’s 2017 announced 10 BEVs is supposed to come to the market in 2020.
Source: BYD | www.byd.com
Image: Toyota | global.toyota
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