BYD Company Ltd. and Toyota Motor Corp. signed an agreement for the joint development of battery-electric vehicles that will be released in China.
The two parties will jointly develop sedans and low-floor SUVs as well as the onboard batteries for these vehicles and others with the aim to launch them in the Chinese market under the Toyota brand in the first half of the 2020s, according to Toyota.
In an effort to curb global warming, both BYD and Toyota seek to reduce CO2 emissions by promoting the widespread use of EVs, the automaker said. To accomplish these goals, both companies believe in the need to collaborate; therefore, the two companies have agreed to jointly develop EVs.
Going forward, BYD and Toyota will make use of the electrified vehicles, and battery development technologies they have acquired through their market introductions and will work together to further develop EVs that are attractive to customers and in further promoting their widespread adoption.