Toyota has teamed up with Chinese electric vehicle giant BYD to create a new 50/50 joint venture focused on battery electric vehicles, in particular for the Chinese market.

The 50/50 joint venture is focused on battery electric vehicles, in particular for the Chinese market

The two carmakers signed a deal in November 2019 to conduct research and development of battery electric vehicles and they  have now completed registration of the new company, which will start operations in May 2020.

Headquartered in Shenzhen City, Guangdong Province, the new firm is called BYD Toyota EV Technology Co Ltd and has Hirohisa Kishi from Toyota as chairman, with Zhao Binggen from BYD as chief executive officer.

Hirohisa Kishi 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 added: “This joint venture company will focus on the research and development of battery electric vehicles with technology and know-how from both China and Japan. The company is committed to promoting and populating high-quality technologies that make battery electric vehicles more environmentally friendly, safe, comfortable, and intelligent. Our vision is to create a future customer-first mobility style, and a harmonious society for humans and nature.”