Joint venture for battery R&D
BYD and Toyota Motor Corporation joint venture is scheduled to start operations in May.
The companies signed an agreement for the establishment of a joint venture company to conduct research and development of battery electric vehicles (BEVs) on November 7, 2019, and registration of the new company has been completed.
The name of the new company is BYD Toyota EV Technology. Equity participation is 50-50 and has around 300 employees.
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.”
