BYD and Toyota have agreed to establish a joint company to lead research and development into battery electric vehicles. The new R&D company, which will work on designing and developing BEVs is likely to be established in China in 2020, with BYD and Toyota to each share 50 per cent of the total capital needed.
Additionally, BYD and Toyota plan to staff the new company by transferring engineers from posts that are currently involved in related R&D from their respective companies.
“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 as early as we can,” says BYD senior vice president Lian Yu-bo.
Toyota executive vice president Shigeki Terashi adds: “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.”