- Toyota had entered into agreements with China-based FAW group and GAC group recently to launch hydrogen fuel-cell car models
- Toyota and BYD will each invest 50 per cent of the total capital needed for the joint company
According to a report by china.org.cn, Build Your Dreams (BYD) company and Toyota Motor Corporation have signed an agreement to establish a joint company for the research and development of battery electric vehicles (BEVs) in China. It is expected that the company will be established in 2020 and BYD and Toyota intend to transfer engineers and staff presently working in related R&D work from their respective companies to the new project says the report.
The two companies will invest 50 per cent of the total capital needed to start the joint company. Recently, in September, Toyota had entered another pure-electric vehicle deal with Chinese automakers FAW Group Corporation and Guangzhou Automobile Group (GAC) Group to launch hydrogen fuel-cell car models.
EVs developed by BYD will be sold under Toyota brand
The report says that BYD senior vice president Lian Yubo, senior vice president, BYD, said that the company aims to combine its expertise in development and competitiveness in the battery electric vehicle market with Toyota’s quality and safety technology to give the best BEV products to the consumers as soon as possible. The electric vehicles BYD develops will be sold under the Toyota brand name.