Toyota and BYD will jointly produce electric cars

Toyota and BYD will jointly produce electric cars

April 2, 2020 0 By autotimesnews

Toyota and BYD have registered a joint venture that will specialize in the design and manufacture of electric cars.

A cooperation agreement between the two companies was concluded on November 7, 2019, but all the organizational formalities of the company were settled only by April 2. The names of the executives were named: Zhao Binggen from BYD took the post of chief executive officer, and Hirohis Kisi from Toyota was appointed chairman of the board.

Giving a comment to this event, Hirohisa Kisi explained that: in common work, Toyota and BYD engineers will strive to produce electric cars that are superior in characteristics that will satisfy consumers’ needs in the Middle Kingdom.

Zhao Binggen also commented on the deal, saying that such a joint venture would specialize in research and development of high-tech battery electric vehicles.

The main office of the enterprise will be located in Shenzhen, about 300 employees will work in it.