November 7, Toyota and BYD on the establishment of a pure electric vehicle research and development company officially signed a joint venture agreement. The new company will be formally established in 2020 in China, Toyota and BYD invested 50 percentage. The new company will carry out platform, part of the design, development and other related businesses of pure electric vehicles and the vehicles used. The company will set up both the personnel engaged in related businesses.
for the establishment of the new company, Lian Yu Bo, senior vice president of BYD, said, “look forward to this partnership, achieve BYD ‘competitive electric car market’ in ‘R & D ability ‘and other aspects of Toyota’ powerful combination of quality ” security ‘and so on, and the introduction of electric vehicles by consumers as soon as possible according to the needs of the market. “
Toyota division Temple Shigeki Associate Publisher long said, “to promote the development of electric common goal, I am glad to go beyond the competition with BYD to become ‘partners’ related business with BYD hopes to set up a new company to carry out, so the two sides deepen cooperation and development.”
in July of this year, BYD has signed a contract with Toyota to jointly develop low-chassis cars and SUV pure electric vehicles, as well as the above-mentioned products needed for battery power. Use the Toyota brand models, planned for 2025 for the China market. And the two sides set up a pure electric vehicle research and development company is to further implement bilateral cooperation.