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Toyota sells electric vehicle technology to Chinese startup Singulato - Report

Auto News - Published on Wed, 17 Apr 2019

Image Source: Euronews
Reuters reported that Toyota Motor Corp has agreed to sell electric car technology to Singulato, its first deal with a Chinese electric vehicle startup, allowing the fledgling firm to speed up development of a planned mini EV. In return, Toyota will have preferential rights to purchase green-car credits that Singulato will generate under China’s new quota system for all-electric and plug-in hybrid vehicles.

Singulato Chief Executive Mr Shen Haiyin and two sources at the Japanese automaker said that it will also gain a bird’s-eye view into how Chinese EV startups operate and the strategies they pursue in a fast-changing marketplace.

One of the Toyota sources said that “With electrification, autonomous driving and car-sharing shaking up the industry, old ways need to be re-examined.” The source added that “We have a century’s lead in automotive technology, but we also need to be humble enough to learn from newcomers.”

Singulato will acquire a license to use the design of Toyota’s eQ - a battery electric microcar. The deal is due to be announced on Tuesday at the Shanghai auto show, where Singulato will unveil a concept car based on the eQ. Singulato plans to redesign the car, tailoring it to local tastes to come up with a model by early 2021 that is more affordable and offers a longer driving range.

Mr Shen told Reuters that “This deal gives us a way to save on time and costs to develop a reliable car and focus on what we excel in.”

Financial terms are not expected to be disclosed. A Singulato source said the startup agreed to pay “several tens of millions of dollars” for eQ’s design.

Toyota said it was taking various measures to accelerate its business in China, a key market, but it would not comment on specific steps.

Source :

Posted By : Rabi Wangkhem on Wed, 17 Apr 2019
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