AutoBeta(AutoBeta.net)03/25 Report--

Less than five months after signing the joint venture agreement, the joint venture between BYD and Toyota to form a pure electric vehicle research and development company has finally entered the substantive stage. On March 25, 2020, BYD Toyota Electric vehicle Technology Co., Ltd. was officially established with a registered capital of 345 million yuan, headquartered in Pingshan District, Shenzhen.

According to enterprise information, Toyota Motor Co., Ltd. and BYD Co., Ltd. each hold a 50% stake in the joint venture. The joint venture will be chaired by an executive stationed by Toyota, an ex-president of Toyota Global Powertrain, who has been the senior executive deputy general manager of Toyota Automotive Research and Development Center (China) Co., Ltd. (TMEC) since January 2020.

The legal person and general manager of the joint venture company is held by Zhao Binggen, who is the assistant to the president and general manager of BYD Automotive Engineering Research Institute.

In addition, Takashi Ueda, chairman of Toyota China, Hiroji Toyoda, general director of Toyota Motor Electric Project, and Lian Yubo, senior vice president and president of Automotive Engineering Research Institute of BYD, are respectively directors of the joint venture company.

The company information also shows that BYD Toyota Electric vehicle Technology Co., Ltd. is engaged in the design and development of pure electric vehicles and their derivative vehicles, as well as the design and development of spare parts, components and assemblies for pure electric vehicles and their derivative vehicles.

According to the agreement reached between Toyota and BYD on the establishment of a joint venture research and development company for pure electric vehicles, the new company established by the two sides will carry out the design, research and development of pure electric vehicles and the platforms and parts used for the vehicles.

According to an official document from BYD, the cooperation includes the joint development of pure electric models for cars and low-chassis SUV, as well as power batteries for these products. Future products will use the Toyota brand and are scheduled to be launched in the Chinese market by 2025.

With regard to the joint venture with BYD, Toyota Vice President Tereshi Maoshu said, "for the common goal of promoting the development of electrification, I am glad to be able to go beyond the competitive relationship with BYD to become a partner." It is hoped that the cooperation between the two sides will be deepened and developed through the related business with the new company established by BYD. "

So far, Toyota's layout in the field of pure electric vehicles is relatively scarce. This year, Toyota plans to launch pure electric momentum cars in the Chinese market-Guangzhou Auto Toyota C-HR EV and FAW Toyota Yize IZOA pure electric version.

In order to accelerate its layout in the world's largest new energy vehicle market, Toyota finally chose to work with BYD in the future based on products developed by both sides, while hanging Toyota-branded electric models will be sold in the Chinese market.

In terms of sales, Toyota sold 1.62 million vehicles in China in 2019, an increase of 9 per cent over the same period last year, of which FAW Toyota sold 738000 vehicles, up 2 per cent, while Guangzhou Auto Toyota sold 682000 vehicles, up 17.6 per cent from the same period last year. Toyota China has a sales target of 1.76 million vehicles in 2020, a year-on-year growth rate of about 8.6 per cent.

BYD started the battery industry in 1995 and independently developed electronic control and new energy products. It mainly sells PHEV and EV models in the Chinese market. BYD's total sales in 2019 were 461400, down 11.4% from a year earlier, of which new energy vehicle sales totaled 229500, down 7.4% from a year earlier.

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