Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Thursday, 7 November 2019, 18:12 HKT/SGT
Share:
    

Source: Toyota Motor Corporation
BYD, Toyota Agree to Establish Joint Company for Battery Electric Vehicle Research and Development

Toyota City, Japan, Nov 7, 2019 - (JCN Newswire) - BYD Company Ltd. (BYD) and Toyota Motor Corporation (Toyota) announced today that they have signed an agreement to establish a joint company to research and development for battery electric vehicles (BEVs). The new R&D company, which will work on designing and developing BEVs (including platform) and its related parts, is anticipated to be established in China in 2020, with BYD and Toyota to evenly share 50% of the total capital needed. Additionally, BYD and Toyota plan to staff the new company by transferring engineers and the jobs currently involved in related R&D from their respective companies.

On the establishment of the new company, BYD senior vice president Lian Yu-bo said
"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 the market demand and consumer affection as early as we can."

Toyota executive vice president Shigeki Terashi commented

"With the same goal to further promote the widespread use of electrified vehicles, we appreciate that BYD and Toyota can become "teammates", able to put aside our rivalry and collaborate. We hope to further advance and expand both BYD and Toyota from the efforts of the new company with BYD."

BYD was founded in 1995 as a battery business and has grown into a total energy solution company, manufacturing not only electrified vehicles but other products such as large-size energy storage cells. The company name BYD stands for "Build Your Dreams" and core parts for electrified vehicles such as batteries, motors and power electronics are among the products that BYD develops in-house. In 2008, BYD became the first company in the world to sell mass production of plug-in hybrid electrified vehicles (PHEVs). Since 2015 onwards, BYD's sales of BEVs and PHEVs have been ranked first in the world for four consecutive years.

Since Toyota launched the Prius, the world's first mass-produced hybrid electric vehicle (HEV), in 1997, the company has become a pioneer of electrified vehicle development with a focus on HEVs. Toyota has sold more than 14 million electrified vehicles worldwide and has accumulated extensive knowledge concerning the development, production, and sale of both HEVs and their related core components. Also, based on the thinking that electrified vehicles contribute to society only when its popularized, Toyota is initiating electrification globally. In China, Toyota is also working on spreading electrification and also developing vehicles which meets Chinese customer's needs in collaboration between Toyota Motor Engineering & Manufacturing (China) Co., Ltd. (TMEC) and the R&D centers established at Chinese joint-venture companies with China FAW Group Corporation (FAW) and Guangzhou Automobile Group Co., Ltd. (GAC).

With the newly established joint R&D company, Toyota and BYD aim to work together to further develop BEVs that are attractive to Chinese customers, and by further promoting their widespread adoption, aim to contribute toward environmental improvement.


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.

Contact:
Public Affairs Division
Global Communications Department
Toyota Motor Corporation
Tel: +81-3-3817-9926


Nov 7, 2019 18:12 HKT/SGT
Source: Toyota Motor Corporation

Topic: Press release summary
Sectors: Automotive
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2020 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


Toyota Motor Corporation Links

http://www.toyota-global.com

https://plus.google.com/+toyotaglobal

https://www.facebook.com/ToyotaMotorCorporation/

https://twitter.com/TOYOTA_PR/

https://www.youtube.com/user/toyotajpchannel/

https://ph.linkedin.com/company/toyota

Toyota Motor Corporation
June 5, 2020 16:34 HKT/SGT
TOYOTA GAZOO Racing to Make Virtual Le Mans Debut
June 5, 2020 16:22 HKT/SGT
Toyota Mobility Foundation to Expand Provision of Connected and Sanitized Mobility Services to support Healthcare in Indonesia in Support of the Fight against COVID-19
June 5, 2020 16:01 HKT/SGT
Six Companies Establish R&D Joint Venture for Commercial Vehicle Fuel Cell Systems for the Creation of a Hydrogen-based Society in China
June 3, 2020 08:05 HKT/SGT
The Toyota Mobility Foundation and Partners Establish Digital Platform to Help Support People and Industry in Rural Germany
June 2, 2020 12:35 HKT/SGT
Toyota Announces its Line-up for the New GR Yaris in Japan
May 28, 2020 12:56 HKT/SGT
Toyota Releases Sales, Production, and Export Results for April 2020
May 27, 2020 13:07 HKT/SGT
2019 JNCAP Assessment on Toyota Vehicles Announced
May 21, 2020 13:19 HKT/SGT
TOYOTA GAZOO Racing Decides Not to Participate in 2020 Edition of Nurburgring 24 Hours
May 15, 2020 16:01 HKT/SGT
Toyota's Adjustments to Domestic Production in June 2020 (as of May 15)
May 12, 2020 15:01 HKT/SGT
Toyota Announces Financial Results for Fiscal Year Ended March 31, 2020
More news >>
 News Alerts
Copyright © 2020 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6859 8575

Connect With us: