Toyota & BYD to partner for battery EV R&D JV in China
"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".
Chinese electric auto maker BYD Co Ltd and Japan's Toyota Motor Corp said on Thursday they planned to set up a joint venture to design and develop battery electric cars as they ramp up efforts to produce zero emissions vehicles.
The JV will be set up in 2020, and staffed by engineers and employees now involved in related research and development work from the two companies. The details are not yet finalized. The two are slated to develop an all-new EV platform that will underpin models from both manufacturers, with Subaru contributing its expertise in all-wheel drive and Toyota chipping in on the electrification side of the equation.
Toyota, which expects to earn half of its global sales from electric vehicles by 2025, is looking to partner with BYD for battery supplies. The company is to be established in China in 2020, with staffing to come from existing R&D engineers within the respective companies.
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The softening sales follow Beijing's decision to cut the subsidies that created the electric-vehicle industry in the first place.
BYD was founded in 1995 as a battery company and has grown into a total energy solutions provider, manufacturing a wide range of clean energy products including, electrified vehicles, solar energy and large-size energy storage cells. On this occasion, Shigeki Terashi, Executive Vice President of Toyota, said, "We had the same objective to promote extensive usage of electrified vehicles". In 2008, BYD became the first in the world to sell mass produced plug-in hybrids, and since 2015, BYD is the top seller of EVs and PHEVs in the world. The Japanese giant has sold over 14 million electrified cars worldwide since the first Prius debut in 1997.
The cost of developing electric vehicles is, to keep it blunt, expensive.
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