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

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

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.

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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.

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