Toyota and BYD will start a Chinese joint venture for electric cars

Toyota and BYD inch toward formalizing electric vehicle JV

Additionally, BYD and Toyota plan to staff the new company by transferring engineers and the jobs now involved in related R&D from their respective companies.

BYD has become an active participant in the Los Angeles County electric vehicle scene, with the Chinese corporation opening its largest North American plant in Lancaster in 2013.

Toyota says the two companies have agreed to get the new firm up and running by the end of 2020, and to evenly split the capital needed.

The two sides will own a 50-percent stake respectively in the JV and send staff to set up the new company, which is expected to focus on the research and development of BEVs, auto parts and production platforms.

Details: Toyota and BYD on Thursday announced they have agreed to form a 50-50 joint venture to develop and produce Toyota-branded battery electric vehicles and related parts for the Chinese market.

One of the biggest producers of electric vehicle batteries and one of the world's biggest automakers are joining forces in a new joint venture to build electric vehicles for the China market.

Duchess Kate and Meghan daze in blue for Remembrance Day
It's open for 10 days a year, and this year Meghan and Prince Harry planted their own crosses in a handsome poppy-centric display. The royal couple were expected to be joined by the Duchess of Cornwall , who was forced to pull out due to a chest infection.

BYD, the leader in China's new-energy vehicle sector, has been seeking to diversify its supply chain since 2017, particularly in batteries.

"With the same goal to further promote the widespread use of electrified vehicles, we appreciate that BYD and Toyota can become "teammates", able to put aside our rivalry and collaborate".

When it comes to electrification, Toyota is a pioneer in hybrid cars. The Japanese giant has sold over 14 million electrified cars worldwide since the first Prius debut in 1997.

As China continues its efforts to lead the world's electric vehicle (EV) development, late-mover Toyota is formalizing an alliance with Chinese automaker BYD it had announced in July as it aims to capture a wider portion of the country's still-nascent market.

Toyota globally expects to hit its target of having electrified vehicles accounting for over half of all sales by 2025, five years ahead of initial projections.

Related News:



Most liked

Salman Khan and Katrina Kaif clicked while returning from Dubai
As the release date of Salman Khan starrer Dabangg 3 is coming closer, the excitement of fans is also increasing. The Dabangg Khan was seen doing lip-synch on the lyrics of the song while tapping his feet with Katrina Kaif .

In Japan, women were forbidden to wear glasses at work
In March, the females voiced their disagreement with companies asking women to wear makeup at work. The discussion echoed the recent workplace disputes in Japan caused by high heels.

Charges: Chinese surveillance goods illegally sold to US
He was convicted of a handful of crimes relating to fraud, grand larceny, and corruption, among others, dating back to 1982. Navy ships and military bases by selling them Chinese products with known cybersecurity vulnerabilities.

Cyclone Bulbul: Bangladesh evacuates thousands ahead of storm
Personnel of the Indian Coast Guard are in all readiness to tackle any eventuality in the wake of cyclonic storm "Bulbul" . The fishermen have been advised not to venture into along and off Odisha-West Bengal coast till tomorrow.

Disney+ Announcement | Available in the UK & More March 31
Disney + will cost $6.99 per month in the United States and users can pay $69.99 for an annual pass. Studio entertainment revenue was $3.3 billion for the quarter and direct-to-consumer, $3.4 billion.

Joe Burrow leads LSU to win over Alabama in thriller
Burrow answered, running for 15 yards on 3rd-and-5 to keep a 12-play, 75-yard touchdown drive, nudging LSU back in front at 39-27. As for the draft, he made his case over Tagovailoa to the over 20 National Football League scouts with seats in the press box.

Donskoi scores 3 goals as Avalanche beat Predators 9-4
The B's and Calgary Flames played each other twice in China during the 2018 preseason. Columbus has given up 11 power-play goals, killing 77.6% of opponent chances.

Police outside Bolivia's presidential palace abandon posts
The Organization of American States is conducting an audit of the election count and their findings are expected next week. Camacho plans to lead a march to the government palace on Monday with a symbolic resignation letter for Morales to sign.

Kourtney taking backseat from 'Keeping Up With the Kardashians'
For a while now, the oldest sibling from the Kardashian/Jenner family has been saying she has had the desire to leave the show. The E! reality show has been on the air since 2007 and has become one of the longest-running reality shows on television.

TODAY ONLY: How To Get A Free Reusable Holiday Cup From Starbucks
Additionally, the holiday cups will not be available at San Francisco, Atlanta, and Minneapolis-St. The designers also found other ways to bring the cups to life in the eyes of customers.

Spring Hill Mall Sears store to close by February
The retailer of kitchen utensils and appliances plans to close all 160 of its stores by the end of the year. Transformco cited "a hard retail environment and other challenges" for the drastic move.

Iraqi spiritual leader warns of ‘great risks’ from protests
Many activists have been arrested and in recent days, there have been reports that people have disappeared, apparently by force. On Friday, the country's top Shia cleric, Grand Ayatollah Ali Sistani, said there should be " no more procrastination ".

House Republicans Seek Hunter Biden, Whistle-Blower’s Testimony
The demand allegedly happened in a controversial call on July 25 between Trump and Ukrainian President Volodymyr Zelenskiy. Republicans and the president have complained that the Democrats' inquiry is unfairly partisan.

Sajid Javid: Tories will increase borrowing to invest in infrastructure
Mr McDonnell added: 'It will mandate us to deliver an improvement in the overall balance sheet by the end of the Parliament. Under a third rule the framework would be reassessed if future borrowing costs rise significantly to above average.

Pompeo Calls on Iran to Provide IAEA Inspectors With Rights, Immunity
Uranium enriched up to 5% is used as fuel for nuclear power plants, while 20% enriched uranium is used to fuel research reactors. The inspector was allowed to leave Iran on 30 October, the memo obtained by Reuters said.