Toyota and Chinese EV maker BYD will form a joint company focused on EV battery research and development. The company is scheduled to be launched in China in 2020. Toyota and BYD have agreed to each provide 50 percent of the capital for the new company.
BYD Senior VP Lian Yu-bo said, “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 battery products for the market demand and consumer affection as early as we can.”
Toyota Executive VP Shigeki Terashi said, “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.”