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On April 2, Toyota China and BYD announced that BYD Toyota Electric vehicle Technology Co., Ltd., a joint venture between Toyota and BYD, was officially established with a registered capital of 345 million yuan. Toyota and BYD each own 50% of the company, and the joint venture company is headquartered in Shenzhen.

According to Tianyan check information, Toyota Motor Company and BYD Co., Ltd. each hold a 50% stake in the joint venture company. The joint venture company is mainly engaged in the design and development of pure electric vehicles and their components, import and export and sales of pure electric vehicles and components, components and assemblies, after-sales service and related consulting services.

In fact, as early as November 2019, BYD officially announced that it had signed an agreement with Toyota to set up a pure electric research and development company, which will be set up in China and plans to officially open in May this year. It is understood that the members of the joint venture company are composed of people from both sides who are engaged in related business. Among them, Anhong Shang, president of Toyota Global Powertrain, served as chairman, and Zhao Binggen, assistant director of BYD Automotive Engineering Research Institute, served as general manager. According to previous news, Takashi Ueda, chairman of Toyota China, Hiroji Toyoda, head of Toyota's pure electric business, Lian Yubo, senior vice president and president of Automotive Engineering Research Institute of BYD Co., Ltd., and Shu Youxing, general manager of BYD's international cooperation division, are all directors of the joint venture company.

The joint venture between Toyota and BYD was officially established on March 25 this year. The joint venture company is named BYD Toyota Electric vehicle Technology Co., Ltd., with a registered capital of 345 million yuan and headquartered in Shenzhen. This is the third joint venture set up by Toyota in China after Guangzhou Automobile Toyota and FAW Toyota. The models produced by the company all bear Toyota car logo.

As for the formal establishment of the joint venture, an Hongshang said: "after the establishment of the joint venture, Toyota and BYD engineers with their respective technical strengths will learn from each other to develop pure electric vehicles with excellent performance that are popular with Chinese consumers."

Zhao Binggen said: "We will be a joint venture of pure electric vehicle technology research and development that combines the technology and experience of China and Japan." It is committed to promoting and popularizing the high-quality technology of electric vehicles that are more environmentally friendly, safe, comfortable and intelligent. "

China is not only the largest automobile market in the world, but also the largest market for new energy vehicles in the world. Toyota will not easily let go of this "cake". The purpose of Toyota's cooperation with BYD is also to speed up the layout of new energy vehicles in the Chinese market. Sales figures show that Toyota sold 1.62 million vehicles in China in 2019, up 9 per cent from a year earlier, of which FAW Toyota sold 738000 vehicles, up 2 per cent from a year earlier, while Guangzhou Auto Toyota sold 682000 vehicles, up 17.6 per cent from a year earlier. Toyota aims to sell 1.76 million vehicles in China in 2020, up 8.6 per cent from a year earlier.

Founded in 1995, BYD mainly produces commercial and family cars and batteries, became the second largest battery manufacturer in the world in 2003, and founded BYD Automotive in the same year. Total BYD car sales in 2019 were 461400, down 11.4% from the same period last year, of which new energy vehicle sales totaled 229500, down 7.4% from the same period last year.

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