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Following the establishment of a new joint venture research and development company between Toyota and BYD in China to carry out the design, research and development of pure electric vehicles and their platforms and parts, Toyota's Hino Group will also jointly form a new electric vehicle company with BYD Motors. Unlike the former, this cooperation will focus on commercial vehicles.

It is understood that the new joint venture is planned to be set up in China in 2021, with BYD and Hino each contributing 50%. The new joint venture will combine the advantages of the two companies to jointly develop pure electric commercial vehicles and electric vehicle parts, and launch Hino brand pure electric commercial vehicles by 2025. The chairman will be appointed by Hino and the chief executive officer will be appointed by BYD.

The new joint venture will mainly develop electric trucks and buses, and plans to expand to more models in the future, mainly to meet the Asian market in the future.

At the same time, the BYD announcement also mentioned that it will take time to improve the staffing and operation management of the joint venture company at the initial stage of its establishment, so whether the joint venture company can successfully complete all aspects of work and achieve the expected development goals, there is still uncertainty.

In fact, as early as April this year, BYD signed a strategic business alliance agreement with Hino, and the signing of this joint venture agreement means that cooperation is being further promoted. The two sides will take this opportunity to carry out in-depth cooperation in retail and other related businesses to promote the popularity of pure electric commercial vehicles.

Hino, founded in 1942 and headquartered in Hino City, Tokyo, Japan, specializes in commercial products for trucks and passenger cars, and occupies a leading position in the manufacturing of medium and heavy diesel trucks in Japan, according to official data. Meanwhile, Hino's controlling shareholder is Toyota Motor Co. According to public disclosure, from April 1, 2019 to March 31, 2020, Hino reported revenue of 1815.597 billion yen and a net profit of 31.467 billion yen belonging to the owner of the parent company.

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. Its BYD commercial vehicles have electric products such as pure electric buses and pure electric trucks. Since the world's first commercial pure electric bus K9 was put into operation in Shenzhen in 2011, the operating footprint has exceeded 50 countries and regions and 300 cities, with sales of more than 50,000 vehicles. The cumulative sales of pure electric buses (more than 10 meters) rank first in the world.

In order to accelerate the layout of the world's largest new energy vehicle market, Toyota Motor, Hino's controlling shareholder, established a pure electric vehicle research and development company and signed a joint venture agreement with BYD in November 2019. The new company will be established in China in 2020, with Toyota and BYD each contributing 50%, based on products developed by both sides in the future. This is also enough to see the comprehensive strength of BYD, and Hino brand choice of BYD cars will also be here.

Wang Jie, vice president of BYD and CEO of commercial vehicles, has said that the joint efforts of China and Japan to inject leading technology and rich experience into the development of electric commercial vehicles will help to further accelerate the popularity of pure electric commercial vehicles around the world.

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