BYD & Toyota to Establish JV in China

Image Source: FutureCar

BYD Company Ltd and Toyota Motor Corporation announced that they have signed an agreement to establish a joint company to research and development for battery electric vehicles. The new R&D company, which will work on designing and developing BEVs including platform and its related parts, is anticipated to be established in China in 2020, with BYD and Toyota to evenly share 50% of the total capital needed. Additionally, BYD and Toyota plan to staff the new company by transferring engineers and the jobs currently involved in related R&D from their respective companies.

With the newly established joint R&D company, Toyota and BYD aim to work together to further develop BEVs that are attractive to Chinese customers, and by further promoting their widespread adoption, aim to contribute toward environmental improvement.

Source : Strategic Research Institute, SteelGuru