Toyota merges with Chinese BYDNovember 7, 2019
BYD Company Ltd. and Toyota Motor Corporation have announced the signing of an agreement that will create a joint venture for research and development in the field of battery electric vehicles (BEV).
The new company, which will be involved in the design and development of BEV (including the platform) and related parts, is expected to be established in China in 2020, with BYD and Toyota equally holding stakes in it. In addition, BYD and Toyota plan to staff the new company by transferring engineers and jobs from their respective companies.
“We strive to combine BYD’s strengths in the development and competitiveness of the battery electric vehicle market with Toyota’s quality and safety technology to provide the best BEV products for market demand,” said BYD Senior Vice President Lian Yu-bo.
“For the same purpose as to further promote the widespread use of electrified cars, we appreciate that BYD and Toyota can become“ comrades-in-arms ”able to discard rivalry and cooperate. We hope to further develop BYD and Toyota thanks to the efforts of the new company, ”concluded Toyota Executive Vice President Shigeki Terashi.
BYD was founded in 1995 as a battery company and has grown into a comprehensive energy solutions company that produces not only electrified vehicles, but also other products such as large batteries. BYD’s name stands for Build Your Dream, and core components for electrified vehicles such as batteries, engines, and power electronics are among the products BYD develops on its own. In 2008, BYD became the first company in the world to start mass production of plug-in hybrid electric vehicles (PHEVs). Since 2015, BYD BEV and PHEV sales have been at the forefront of the world for four consecutive years.
Ever since Toyota launched the Prius, the world’s first mass-produced hybrid electric vehicle, in 1997 the company became a pioneer in the development of electric vehicles with an emphasis on HEV. Toyota has sold more than 14 million electric vehicles worldwide and has accumulated extensive knowledge in the development, production and sale of both HEV and related key components.
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