Toyota, China's BYD to Codevelop Electric Sedans and SUVs
Newsfrom JapanEconomy Science Technology
Nagoya, July 19 (Jiji Press)--Toyota Motor Corp. <7203> and Chinese automobile and battery maker BYD Co. said Friday that they have agreed to jointly develop electric vehicles such as sedans and low-floor SUVs.
The vehicles will go on sale under the Toyota brand in the Chinese market by the first half of the 2020s. The two companies will also develop batteries for the vehicles.
The announcement comes at a time when Toyota is looking toward a full rollout of its electric vehicles in the Chinese market from 2020. The tie-up with BYD is seen as a move to secure deliveries of batteries, a core component of electric vehicles, to ensure the stable supply of such vehicles in China.
BYD, founded in 1995 as a battery maker, became the first company in the world to sell plug-in hybrid vehicles in 2008. Since 2015, the Chinese company has topped global sales rankings for electric vehicles and PHVs for four consecutive years.
[Copyright The Jiji Press, Ltd.]