Toyota and Chinese energy-solution firm BYD (Build Your Dreams) have signed an agreement to design and develop battery-electric vehicles (BEVs) in China from 2020. The companies will commit capital and labor in equal shares to deliver a fleet of advanced electric vehicles. The partnership will solely target the Chinese market, and aims to lower the environmental impact of producing energy-dense batteries.
“We aim to combine BYD’s strengths in development and competitiveness in the battery-electric vehicle market with Toyota’s quality and safety technology to provide the best BEV products for market demand and consumer affection as early as we can,” said BYD senior vice president Lian Yu-bo.
“With the goal of promoting the widespread use of electrified vehicles, we appreciate that BYD and Toyota can become teammates who can put aside rivalry and collaborate. We hope to advance and expand both BYD and Toyota through the new company,” added Toyota executive vice president Shigeki Terashi.
By 2025 Toyota aims for half of its sales to be electrified vehicles, with around 4.5 million plug-in models and hybrids, and one million all-electric cars or hydrogen fuel cell-powered vehicles.