Toyota and BYD Join Hands to Create a Electric Car Company

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BYD Toyota EV
BYD Toyota EV

Toyota and BYD, two of the world’s largest automakers, are finally launching a new electric car company. In 2017, Toyota had announced a major expansion of its EV plans. Last year, the company had made a deal with the Chinese brand CATL for an electric car battery partnership. Finally, it announced a joint venture with BYD, China’s biggest EV maker. The new venture will be known as BYD Toyota EV Technology Co. Ltd or BTET in short. Its headquarters will be based in Shenzhen City in China. The partnership will start with around 300 employees.

Hirohisa Kisha, the new chairman of BTET, said, “With the engineers from BYD and Toyota working together under the same roof, we 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, who comes from BYD, has been appointed CEO of the new enterprise. “This joint venture will focus on the research and development of battery electric vehicles with technology and knowhow from both China and Japan… to make battery electric vehicles more environmentally friendly, safe, comfortable and intelligent.”

The new company aims to research and develop battery-electric vehicles that appeal to customers and also contribute to improving the environment in China.

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