BYD, Toyota to establish joint company for battery-electric vehicle research and development

BYD Company Ltd. and Toyota Motor Corporation
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.

We aim to combine BYD’s strengths in development and
competitiveness in the battery electric vehicle market with
Toyota’s quality and safety technology to provide the best BEV
products for the market demand and consumer affection as early as
we can.

—BYD senior vice president Lian Yu-bo

With the same goal to further promote the widespread use of
electrified vehicles, we appreciate that BYD and Toyota can become
“teammates”, able to put aside our rivalry and collaborate. We
hope to further advance and expand both BYD and Toyota from the
efforts of the new company with BYD.

—Toyota executive vice president Shigeki Terashi

BYD was founded in 1995 as a battery business and has grown into
a total energy solution company, manufacturing not only electrified
vehicles but other products such as large-size energy storage
cells. Core parts for electrified vehicles such as batteries,
motors and power electronics are among the products that BYD
develops in-house. In 2008, BYD became the first company to sell
mass production of plug-in hybrid electrified vehicles (PHEVs).
Since 2015 onwards, BYD’s sales of BEVs and PHEVs have been
ranked first in the world for four consecutive years.

Since Toyota launched the Prius, the world’s first
mass-produced hybrid electric vehicle (HEV), in 1997, the company
has become a pioneer of electrified vehicle development with a
focus on HEVs. Toyota has sold more than 14 million electrified
vehicles worldwide and has accumulated extensive knowledge
concerning the development, production, and sale of both HEVs and
their related core components.

In China, Toyota is also working on spreading electrification
and also developing vehicles which meets Chinese customer’s needs
in collaboration between Toyota Motor Engineering &
Manufacturing (China) Co., Ltd. (TMEC) and the R&D centers
established at Chinese joint-venture companies with China FAW Group
Corporation (FAW) and Guangzhou Automobile Group Co., Ltd.

Source: FS – Transport 2
BYD, Toyota to establish joint company for battery-electric vehicle research and development

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