New Delhi: Toyota Motor Corp on Thursday has formally incorporated a joint venture with Chinese electric vehicle maker BYD to conduct the research and development for battery electric vehicles (BEVs).
Under the 50:50 JV, the automakers have established a new company called called BYD Toyota EV Technology (BTET) which will be operational from May 2020, Toyata said in a joint statement.
For the new company, headquatered in Shenzhen Hirohisa Kishi from Toyota will serve as chairman, and Zhao Binggen from BYD will be the chief executive officer (CEO).
Chairman Hirohisa Kishi said with regard to the establishment of the company, “With the engineers from BYD and Toyota working together under the same roof, we aim to develop BEVs that are superior in performance and meet the needs of customers in China by merging the two companies’ strengths and also through friendly rivalry.”
Newly appointed CEO Zhao Binggen commented, “This joint venture company will focus on the research and development of battery electric vehicles with technology and know-how from both China and Japan. The company is committed to promoting and populating high-quality technologies that make battery electric vehicles more environmentally friendly, safe, comfortable, and intelligent. Our vision is to create a future customer-first mobility style, and a harmonious society for humans and nature.”
BYD and Toyota will work together to meet the diverse needs of customers by researching and developing BEVs that appeal to customers and promoting their widespread adoption and also hope to contribute to improving the environment in China.