BYD, Toyota Agree to Establish Joint Company for Battery Electric Vehicle Research and Development
GO ECO GREEN21. 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…
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