Toyota and Chinese EV automobile manufacturer, BYD, have announced that they will launch a new electric car company to conduct research and develop battery electric vehicles (BEVs). The name of the new company is BYD Toyota EV Technology Co. The chairman of the company will be Hirohisa Kishi from Toyota, while Zhao Binggen from BYD will be the chief executive officer (CEO). This new company will be based out of Shenzhen City, Guangdong Province of China. Its operations are set to commence in May 2020. The main aim of this JV is to manufacture BEVs that will fulfil the diverse requirements of customers and, at the same time, to contribute to improving the environment in China. The two companies had signed the joint venture agreement on November 7, 2019.
Both Toyota and BYD will hold 50% stakes in this new company, which will work on designing and developing BEVs (including platform) and its related parts. Additionally, BYD and Toyota plan to staff the new company by transferring roughly 300 engineers from their respective companies.
In a jointly issued press release, Chairman Hirohisa Kishi said, '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.'
Speaking on the JV and the new company, newly appointed CEO Zhao Binggen said, '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 harmonious society for humans and nature.'