Toyota and BYD Go Into Partnership For Electric Vehicles
Toyota and BYD will make a partnership for Electic Cars.
A new one has been added to the collaborations to stand out in the electric vehicle race. Japan’s largest automotive manufacturer Toyota and Chinese automotive manufacturer BYD established a joint company to produce 100 percent electric vehicles. The company, whose headquarters is in Shenzhen, China, is reported to start operations in May.
Toyota and the Chinese automaker BYD established a joint company to produce 100 percent electric vehicles. The new company, BYD Toyota EV Technology (BTET), which will conduct research and development for electric vehicles, is planning to start operations in May.
Toyota and BYD partnership
In the joint venture of Toyota and BYD established with a 50/50 percent equity subsidiary, Hirohisa Kishi from Toyota will serve as president, while Zhao Binggen from BYD will take over as the company’s CEO. In the initiative, which will have approximately 300 employees, there will be 6 directors and 2 auditors, equal number from Toyota and BYD.
In the statement, BYD and Toyota engineers will develop vehicles to meet the needs of users in China by working under the same roof.
Toyota and BYD at the company, which will be headquartered in Shenzhen, China, reported that they will work together on the same goal to develop electric vehicles that will contribute to the improvement of environmental conditions in China and support the widespread use of electric vehicles.