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On November 7, BYD announced that Toyota and BYD had signed a joint venture agreement to set up a research and development company for pure electric vehicles. The new company will be officially established in China in 2020, with Toyota and BYD each contributing 50%. The new company will carry out the design, research and development of pure electric vehicles and the platforms and parts used by the vehicles, and the company will be set up by personnel from both sides who are engaged in related business.

It is worth noting that on July 19 this year, BYD announced that the two sides would jointly develop electric vehicles and begin to explore the development of pure electric vehicles and power batteries in the future. The products, including sedans and pure electric models with low chassis SUV, are scheduled to launch in China by 2025 and jointly develop power batteries for these models.

As the leader of new energy vehicles, BYD started the battery industry in 1995, mastering the core technologies of electric vehicles, such as battery, IGBT, motor, electric control and so on. Now it has become a company that can provide integrated solutions for new energy, including electric vehicles and power batteries.

BYD launched the world's first mass-produced plug-in hybrid (PHEV) in 2008 and has led the world in sales of new energy vehicles (PHEV and EV) for four consecutive years since 2015.

In 2018, BYD officially launched a new car-building platform-e-platform, and announced that the e-platform will be open and shared to the whole industry. In other words, other companies can cooperate with BYD to develop and produce electric vehicles using the technology of the e-platform. At present, models equipped with the new e-platform include Yuan EV, Song Pro EV, etc., as well as E1, E2 and S2 models are also on the market.

Toyota launched the first mass-produced hybrid model in 1997. It can be said that Toyota is also a pioneer in the development of electric vehicles. However, Toyota's development in the field of new energy is mainly plug-in hybrid models and hydrogen energy battery vehicles. Therefore, the development in the field of pure electric vehicles has been ignored. Of course, Toyota has also accumulated a wealth of technology and experience in the research and development, manufacturing and sales of electric vehicles, which may be able to develop more business models for BYD.

This time, BYD and Toyota each invested 50% to set up a joint venture, which is actually good for both sides.

Toyota has previously focused on the development of fuel vehicles and plug-in hybrid vehicles, while ignoring the layout of the pure electric field. For this cooperation, Toyota can draw on the experience and technology accumulated by BYD in the field of pure electric vehicles for many years. Better development in the field of pure electric vehicles in China.

After BYD cooperates with Toyota, the influence of the brand will also be improved. by learning from Toyota's sales model, it will be beneficial to the product sales of BYD or the soon-to-be-established joint venture company and put it more accurately into the field of pure electric. It can be said that after cooperation, both sides can get what they need in terms of technology and sales and develop together.

Thanks to BYD's advantages in technology and cost, it has mastered the core motor, battery and vehicle technology, pure electric e-platform and third-generation dual-mode technology. In addition to Toyota, Audi, Changan and other car companies are also interested in cooperating with BYD.

In addition, Wang Chuanfu, chairman of BYD, has said he plans to list its battery business by 2022 to raise funds for development.

According to BYD's October sales figures, BYD sold 41000 vehicles in October, down 15.19% from a year earlier. In October, BYD sold 12600 new energy vehicles, down 55 per cent from a year earlier. Of this total, sales of pure electric passenger vehicles in October were 7588, down 41.5 per cent from a year earlier, while sales of plug-in hybrid vehicles were 4454, down 67 per cent from a year earlier.

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