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Toyota, BYD to Form EV Venture
Toyota Motor Corp. and BYD Co. are creating a 50:50 joint venture in China that will develop battery-electric vehicle platforms and related technologies.
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Toyota Motor Corp. and BYD Co. are creating a 50:50 joint venture in China that will develop battery-electric vehicle platforms and related technologies.
In July the carmakers announced plans to cooperate on future EVs they aim to launch in China by 2025. At the time, the companies said the co-developed vehicles would be marketed under Toyota’s name.
Due to launch next year, the joint venture will be staffed by existing BYD and Toyota personnel. BYD will provide its battery expertise, while Toyota will contribute its high-volume manufacturing and safety know-how.
Founded in 1995, BYD claims to be the largest EV producer in the world. In addition to batteries, the company also develops its own electric motors and power electronics.
Toyota previously has focused its electrification efforts on hybrid and fuel cell systems. More recently, the carmaker has been ramping up plans to expand into pure EVs. To this end, the company has formed several partnerships—including with two other Chinese carmakers (FAW and Guangzhou Automobile Group)—and is developing its own next-generation solid state battery technology.
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