Toyota Motor Corporation and BYD Company Ltd. (BYD) have announced they will form a new company together named BYD TOYOTA EV TECHNOLOGY CO., LTD. (BTET). The 50/50 joint venture will feature Hirohisa Kishi from Toyota as the chairman, and Zhao Binggen from BYD will be the chief executive officer (CEO).
New Chairman Hirohisa Kishi commented on the partnership:
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.
The new company will start with around 300 employees and plan to feature the cars in China. Both Toyota and BYD plan on researching and developing battery electric vehicles (BEVs) to help improve the environment and reduce emissions within China.
CEO Zhao Binggen also left a comment in the press release:
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.
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BYD TOYOTA EV TECHNOLOGY CO., LTD. (BTET) |
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Head officePingshan District, Shenzhen City, Guangdong Province |
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Design, development, etc. of battery electric vehicles and their platforms and related parts |
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Toyota Motor Corporation (50%), BYD (50%) |
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Approx. 300 |
Toyota has been focusing much of its electric vehicle (EV) development in China, much like GM has been designing EVs for the Chinese market.
Electrek pointed out that the rest of the world, especially North America, has been left out of any plans for releasing new EVs.
In the U.S. I would say this is largely because the nation doesn’t embrace the adoption of EVs and increasing emissions standards. The government is about to lower vehicle emissions standards and allow for more vehicle carbon emissions.
