Toyota signs JV deal with BYD to develop batteries for electric cars
On 7 November 2019, BYD Company Limited (“BYD” or the “Company”) and Toyota Motor Corporation (“Toyota”) entered into an agreement regarding the joint venture for establishment of a R&D company of battery electric vehicles (the “JV Company”).
Each of BYD and Toyota will be interested in the equity of the JV Company as to 50%.
The JV Company will be jointly formed by personnel engaging in relevant business from both parties. Its principal business scope includes design and development of battery electric vehicles and their derivative vehicles as well as their auto parts, import, export and sale of auto parts, components and assemblies of battery electric vehicles and their derivative vehicles as well as provision of after-sales services and relevant consultation.
The joint venture for establishment of a R&D company of battery electric vehicles will represent a promising start to the in-depth cooperation between BYD and Toyota. As an effective carrier to facilitate the close cooperation between both parties, the JV Company will fully combine the technological strengths of BYD and Toyota, integrating BYD’s competitiveness in battery electric vehicles market and research and development strengths with Toyota’s advantages in terms of quality and safety, thus achieving an alliance between giants.
The products designed and developed by the JV Company will fully utilise the existing electric platform technology of BYD and its provision of electric parts, and meet the requirements of quality and safety control standards of Toyota. The battery electric vehicles designed and developed by the JV Company could be sold under Toyota’s brand, and both shareholders of the JV Company look forward to dedicatedly meeting consumers’ needs by developing and promoting the battery electric vehicles welcomed by consumers.
Through the cooperation with Toyota, BYD will further enhance its product research and development capabilities and quality control ability, so as to strengthen the core electric vehicle technology and consolidate the leadership in new energy vehicles in order to achieve the Company’s long-term development
Source / More : BYD
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