BYD, Toyota Launch BYD TOYOTA EV TECHNOLOGY Joint Venture to Conduct Battery Electric Vehicle R&D
April 02 2020 - 4:25AM
JCN Newswire (English)
BYD Company Ltd. (BYD) and Toyota Motor Corporation (Toyota)
announced today that preparations have proceeded since they signed
an agreement for the establishment of a joint venture company to
conduct research and development of battery electric vehicles
(BEVs) on November 7, 2019, and registration of the new company has
been completed. Operations are scheduled to commence in May 2020.
The name of the new company is BYD TOYOTA EV TECHNOLOGY CO., LTD.
(BTET). Hirohisa Kishi from Toyota will serve as chairman, and Zhao
Binggen from BYD will be the chief executive officer (CEO).
New Chairman Hirohisa Kishi said with regard to the establishment
of the company, "With the engineers from BYD and Toyota working
together under the same roof, we aim to develop 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."
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.
About Toyota Motor Corporation
Toyota Motor Corporation (TMC) is the global mobility company that
introduced the Prius hybrid-electric car in 1997 and the first
mass-produced fuel cell sedan, Mirai, in 2014. Headquartered in
Toyota City, Japan, Toyota has been making cars since 1937. Today,
Toyota proudly employs 370,000 employees in communities around the
world. Together, they build around 10 million vehicles per year in
29 countries, from mainstream cars and premium vehicles to
mini-vehicles and commercial trucks, and sell them in more than 170
countries under the brands Toyota, Lexus, Daihatsu and Hino. For
more information, please visit www.toyota-global.com.
Source: Toyota Motor Corporation
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