Amidst the doom and gloom around the auto sector due to the Corona Pandemic, there is some positive news with the launch of BYD Toyota EV, a joint-venture between the Japanese car giant Toyota and Chinese manufacturer BYD. Through this agreement, they will carry out shared research and development of electric vehicle (EV) technology.
Initially, the venture was announced in November 2019, which will see BYD’s Zhao Binggen as CEO and Toyota’s Hirohisa Kishi as Chairman. The operations on this joint venture will start from May 2020.
Kishi while talking about the venture said, “With the engineers from BYD and Toyota working together under the same roof, we aim to develop battery electric vehicles (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, the newly appointed CEO, said, “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.”
The venture will see both parties work on various ways to meet multiple objectives laid out in the agreement including meeting the diverse needs of their customers by carrying our R&D that will cater to their customers. They also aim to ensure that these adopted widely and will help improve the environment in China.