According to reports in foreign media, Toyota has agreed to sell electric car technologies to China's Singulato, which is the first time for Toyota to sign such agreement with a Chinese electric car start-up company.
Under the agreement, Singulato will be authorized to use Toyota's eQ electric car design. Meanwhile, Singulato will be able to accelerate its research and development of mini electric cars under its plan.
In return, Toyota will gain the priority to purchase "green-car credits". Based on China's new full electric and plug-in hybrid car credit system, Singulato will gain those credits.
Singulato's CEO Shen Haiyin said that the transaction will help Toyota gain a general idea about the operating method and strategy of Chinese electric car start-ups. He also said that it will save time and costs for Singulato, so that the company can develop a reliable car and focus on their specialized areas.