Releasing new electric cars in the “first half of the 2020s” means these cars could still be 5-6 years away. To accomplish these goals, both companies believe there is a need to put aside their rivalry and collaborate; therefore, the two companies have agreed to jointly develop BEVs. The company was founded in 1995 as a battery maker but has grown into an energy solution company—and can claim Warren Buffet as one of its backers. If everything goes well, in the next few years we should see the fruits of this partnership in the form of all-electric sedans and low-floor SUV for the Chinese market: BYD Company Ltd. (BYD) and Toyota Motor Corporation (Toyota) announced today that they have signed an agreement for the joint development of battery electric vehicles (BEVs). 300 engineers from BYD and Toyota will jointly develop electric cars under one roof. California: 2905 Stender Way #36, Santa Clara, CA 95054, New York: 200 Vesey St Fl 24 New York, NY 10281. Since 2015 onwards, BYD's sales of BEVs and PHEVs have been ranked first in the world for four consecutive years. Toyota’s release about its new partnership touches on the need to put its rivalry with BYD aside: To curb global warming, both BYD and Toyota seek to reduce CO2 emissions by promoting the widespread use of BEVs. Discussions to start with developing vehicles and onboard batteries, Toyota Rolls Out All-New Yaris Cross in Japan, Toyota and Hino to Jointly Develop Class 8 Fuel Cell Electric Truck for North America, Toyota Launches New Model Harrier in Japan, "Corolla Meets SUV"―Toyota Unveils Corolla Cross in Thailand, a New Compact SUV Adding Further Strength and Functionality to the Corolla Series, Agreement to jointly develop battery electric vehicles (BEVs); discussions, Joint development of sedans and low-floor SUV BEVs, Aim to launch the BEVs in China in the first half of the 2020s, BYD and Toyota will also develop onboard batteries for the jointly developed BEVs and other vehicles. Our vision is to create a future customer-first mobility style, and a harmonious society for humans and nature.". Toyota said Friday that the partnership will also include BYD, China's leading producer of electric cars, as well as Japan's Toshiba and battery maker GS Yuasa. GM and Toyota have been 50-50 partners in the joint-venture plant commonly known by its acronym NUMMI for the New United Motor Manufacturing Inc, since 1984. 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. Newly appointed CEO Zhao Binggen commented: "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. Competition in the global EV market is growing more intense as an increasing number of automakers are entering the market. Toyota constructs a broad partnership for its electric vehicle offensive. Since 2015 onwards, BYD's sales of BEVs and PHEVs have been ranked first in the world for four consecutive years. In 2008, BYD became the first company in the world to sell mass production of plug-in hybrid electrified vehicles (PHEVs). To accomplish these goals, both companies believe there is a need to put aside their rivalry and collaborate; therefore, the two companies have agreed to jointly develop BEVs. It debuted two nearly similar subcompact crossover vehicles in China earlier this year — the C-HR and IZOA, both pictured above. Buffett-backed BYD announces electric car partnership with Toyota. The name of the new company is BYD TOYOTA EV TECHNOLOGY CO., LTD. (BTET). The Chinese new-energy vehicle maker, backed by Warren Buffett, is seeking ways to cut costs and grow at a tough time for the auto market. EV Update Media Toyota is partnering with BYD, a Chinese electric automaker, to build electric vehicles (EV)—and EV batteries—for the Chinese market. Toyota is partnering with BYD, a Chinese electric automaker, to build electric vehicles (EV)—and EV batteries—for the Chinese market. Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast. The top spots were held by state-owned automakers, as well as privately-held Geely, which is collaborating with Kandi Technologies Group Inc. (Nasdaq: KNDI) on electric vehicles. In 2008, BYD became the first company in the world to sell mass production of plug-in hybrid electrified vehicles (PHEVs). New Chairman Hirohisa Kishi said with regard to the establishment of the company, "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 company is committed to promoting and populating high-quality technologies that make battery electric vehicles more environmentally friendly, safe, comfortable, and intelligent. The company produces a number of its own electric vehicles, including electric cars for China, electric trucks, and electric buses. Toyota … The vehicles will be launched under the Toyota brand name “in the first half of the 2020s.”. The deal with BYD, impressive as it is, isn’t the only foray from Toyota into the Chinese electric vehicle market this year. Toyota City, Japan, July 19, 2019―BYD Company Ltd. (BYD) and Toyota Motor Corporation (Toyota) announced today that they have signed an agreement for the joint development of battery electric vehicles (BEVs). This product, BYD said, has 50% higher energy density than traditional batteries while being less susceptible to catching fire. Toyota is looking to accelerate its all-electric car plans after lagging behind for years, though the company has said it’s not turning away from hybrids, either. “To curb global warming, both BYD and Toyota seek to reduce CO2 emissions by promoting the widespread use of BEVs (battery electric vehicles),” said Toyota in a news release. David Reid @davyreid73. Toyota City, Japan, July 19, 2019―BYD Company Ltd. (BYD) and Toyota Motor Corporation (Toyota) announced today that they have signed an agreement for the joint development of battery electric vehicles (BEVs). China is the biggest EV market in the world—and Toyota seems intent on leveraging that market to make its plan successful. BYD, Toyota's Hino to co-develop electric commercial vehicles. FTC: We use income earning auto affiliate links. 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 BEVs that are attractive to customers and in further promoting their widespread adoption. Hirohisa Kishi from Toyota will serve as chairman, and Zhao Binggen from BYD will be the chief executive officer (CEO). Toyota is a relative newcomer to the battery EV market, but the carmaker has an ambitious plan for that growing market. Our vision is to create a future customer-first mobility style, and a harmonious society for humans and nature.". Toyota Motor Corp. formally incorporated a partnership with China’s largest electrified-vehicle maker, BYD Co., allowing the two companies to develop and … 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 BEVs that are attractive to customers and in further promoting their widespread adoption.