General Market News

Toyota and China’s BYD team up to develop electric vehicles

Toyota Motor has announced it will develop electric vehicles together with Chinese electric components company BYD, in a sign that it wants to establish partnerships with Chinese firms to build cars with more affordable electric batteries for the world’s main market.

In a joint statement, Toyota and Chinese automaker said they would develop sport utility vehicles and sedans, which will then be sold under the Toyota brand in China by 2025.

Earlier this week, Toyota announced it was going to partner with China’s Contemporary Amerex Technology to supply and develop batteries for low-emission vehicles.

Considered one of the longest adopters of electric vehicle-related technologies compared to rivals, including Nissan, Toyota said in June that it aimed to get half of its global sales from this segment, including gasoline hybrids. , by 2025, five years ahead of schedule.

But to meet this accelerated schedule, Toyota, Japan’s largest automaker, will need more batteries than expected, forcing it to look beyond Panasonic Corp, its long-time partner in this area, to ensure the supply.

In China, Toyota plans to launch its first electric vehicle, a version of its compact crossover C-HR / IZOA, next year.