BYD, one of the major Chinese players in the EV space, and Toyota have shared an update on the agreement the companies had signed on November 7, 2019, to establish a joint venture company to develop battery electric vehicles (BEVs). The registration of the new company BYD Toyota EV Technology CO., LTD. (BTET) has been completed and the operations are scheduled to commence in May 2020.
Both companies hold 50% equal stake in the newly established JV. Hirohisa Kishi from Toyota will serve as Chairman, while Zhao Binggen from BYD will be the Chief Executive Officer. The new company’s headquarters will be in Pingshan District, Shenzhen City. BTET will have approximately 300 employees.
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. – Hirohisa Kishi, Chairman, BTET
“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,” commented Zhao Binggen, the newly appointed CEO of BTET.
BYD and Toyota will work together to meet the diverse needs of customers by researching and developing BEVs that appeal to customers and promoting their widespread adoption and also hope to contribute to improving the environment in China.
The above statement suggests that the EVs will be primarily for the Chinese market, and there seems to be no plans for exporting.
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