Toyota and BYD are launching a new electric car company with the goal of developing battery electric vehicles (BEVs) that appeal to customers.
Toyota, which is the world’s biggest and most valuable automaker has been the slowest to move to electric cars. In 2017, it announced a major expansion of its electric car plans with 10 new BEVs however we have yet to see an all-electric car from Toyota outside of China.
Now the automaker has been making a lot of deals with other companies related to electric vehicles. Last year, Toyota announced a new wide-ranging battery partnership for electric vehicles including a deal with Chinese giant CATL for an electric car battery partnership. The Japanese automaker then announced a new joint-venture with China’s biggest electric vehicle manufacturer and its former arch rival (in Chinese market) – BYD.
Toyota has now announced that the new company has been registered and will start operations in May 2020. According to details the company will be called BYD TOYOTA EV TECHNOLOGY (BTET) the head office of which will be located in Pingshan District of Shenzhen City, Guangdong Province in China.
BTET will focus on design & development of BEVs and their platforms & related parts. With an equity participation of 50% each between Toyota & BYD, the company will begin its operations with a team of approx 300 employees.
According to the new Chairman of BTET, Hirohisa Kishi who was Toyota’s head of powertrains, commented on the launch of the company:
“With the engineers from BYD and Toyota working together under the same roof, we aim to develop BEVs that are superior in performance and meet the needs of customers in China by merging the two companies’ strengths and also through friendly rivalry.”
Zhao Binggen, who comes from BYD and has been appointed as CEO, commented:
“This joint venture company will focus on the research and development of battery electric vehicles with technology and know-how from both China and Japan. The company is committed to promoting and populating high-quality technologies that make battery electric vehicles more environmentally friendly, safe, comfortable, and intelligent. Our vision is to create a future customer-first mobility style, and a harmonious society for humans and nature.”
The new company’s mission is to research and develop BEVs that appeal to customers and promoting their widespread adoption and also hope to contribute to improving the environment in China.