Toyota, BYD to launch electric vehicle R&D venture in May
TOKYO, NNA – Toyota Motor Corp. and Chinese electric vehicle and battery maker BYD Co. will launch research and development of EVs at a newly established joint venture as early as May.
BYD Toyota EV Technology Co. has been set up, the pair said in a joint statement Thursday. Amid ongoing efforts to stem the coronavirus outbreak in China and globally, “We are keeping an eye on the situation and it will not affect the JV plan,” a Toyota spokesman in Tokyo told NNA.
The JV in Shenzhen, where BYD is based, is an equally funded unit with registered capital of 345 million yuan ($48.7 million) to design and develop EVs, initially sedans and low-floor SUVs, as well as platforms and related parts. It plans to employ about 300 workers, the statement said.
The two companies agreed on the establishment of the R&D JV in 2020 last November. The Japanese auto giant and BYD, a leader in new energy vehicles, are planning to launch battery EVs under the Toyota brand name in the world’s biggest automobile market by 2025.