R&D will focus on designing and developing battery-electric cars, but there will also be work on electric-vehicle platforms, too. In addition to this JV with BYD, Toyota has an R&D centre in China (TMEC) and two regular JV companies with local partners FAW and GAC.
The company will launch its first vehicle in 2025, five years after Toyota rolls out its first pure-electric models in China. Both Toyota and BYD will staff the new company by transferring engineers and the jobs now involved in related research and development from their respective companies.More news: Pixel Phones Get a Sweet New Vibratin', Ringin' Feature
BYD is the latest of several new EV bedfellows for Toyota, which has also announced a partnership with Panasonic and a broadened commitment with Subaru, increasing the likelihood that its joint venture with BYD will only have a direct impact on the Chinese market.
BYD and Toyota Motor Corporation announced today that they have signed an agreement to establish a joint company to research and development for battery electric vehicles (BEVs).More news: Cyclone Bulbul: Operations at Kolkata airport suspended
BYD's Senior Vice President Lian Yu-bo added this collaboration will help bring new battery-electric cars to market as quickly as possible. Toyota plans to staff the new joint venture by transferring its own engineers already working on electric vehicle development. The government is promoting clean energy vehicles to fight pollution and spur new industries.
Toyota and BYD both aim to collaborate in order to develop battery electric vehicles (BEVs) that are appealing to the customers of China. Last month, BYD said so far it delivered more than 50,000 electric buses to global clients. In 2008, BYD became the first in the world to sell mass produced plug-in hybrids, and since 2015, BYD is the top seller of EVs and PHEVs in the world. "We hope to further advance and expand both BYD and Toyota from the efforts of the new company with BYD".More news: Bruins will open 2020-21 season in Czech Republic
The firm has been one of the leading manufacturers of battery-powered vehicles. The Japanese giant has sold over 14 million electrified cars worldwide since the first Prius debut in 1997.