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BYD & Toyota to Establish JV in China

Auto News - Published on Mon, 11 Nov 2019

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.

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Posted By : Yogender Pancholi on Mon, 11 Nov 2019
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