According to reports in Chinese local media, Toyota and BYD has formally established a joint venture to develop battery electric vehicles.
The two parties previously signed the JV agreement on November 7, 2019 and they have been actively promoting this project since then. The joint venture will be formally open in May 2020. Hirohisa Kishi from Toyota will be chairman of the new JV and Zhao Binggen from BYD will be general manager.
Commenting on the establishment of the JV, Hirohisa Kishi said that with the engineers from BYD and Toyota working together under the same roof, they 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.
Zhao Binggen said that the joint venture will focus on the research and development of battery electric vehicles with technology and know-how from both China and Japan. It is committed to promoting and populating high-quality technologies that make battery electric vehicles more environmentally friendly, safe, comfortable, and intelligent. Their vision is to create a future customer-first mobility style, and a harmonious society for humans and nature.
It is said that the joint venture will focus on BEV and its related platform, parts design, and research and development businesses. It will have about 300 employees.