Japanese vehicle brand Toyota and Chinese mega-manufacturer BYD have announced the launch of their new joint-venture, BYD Toyota EV, which will see the two giants conduct shared research and development of electric vehicle (EV) technology.
The partnership, initially announced in November 2019, will see Hirohisa Kishi from Toyota as chairman, and Zhao Binggen from BYD as CEO.
Operations are set to commence in May 2020. Mr Hirohisa Kishi said with regard to the new company: “With the engineers from BYD and Toyota working together under the same roof, we aim to develop battery electric vehicles (BEVs) that are superior in performance and meet the needs of customers in China by merging the two companies’ strengths and also through friendly rivalry.”
Newly appointed CEO Zhao Binggen commented, “This joint venture company will focus on the research and development of battery electric vehicles with technology and know-how from both China and Japan. The company is committed to promoting and populating high-quality technologies that make battery electric vehicles more environmentally friendly, safe, comfortable, and intelligent. Our vision is to create a future customer-first mobility style, and a harmonious society for humans and nature.”
Amongst the objectives for the partners, a release from Toyota reads: “BYD and Toyota will work together to meet the diverse needs of customers by researching and developing BEVs that appeal to customers and promoting their widespread adoption and also hope to contribute to improving the environment in China.”
The energy transition is a hot topic disrupting the utility industry in Asia and will be a key focus at Enlit Asia which takes place in Jakarta, Indonesia from 23-25 March. For more details click here.