BYD Company Ltd. and Toyota Motor Corporation have signed an agreement to establish a joint company to research and development for battery electric vehicles (BEVs). The new company will 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.
Toyota executive vice president Shigeki Terashi, says: “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. We hope to further advance and expand both BYD and Toyota from the efforts of the new company with BYD.”
BYD senior vice president Lian Yu-bo, adds:“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.”
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.