BYD Company and Toyota Motor Corporation are to jointly develop battery electric vehicles, including sedans and low-floor SUVs. The two will also work together and in collaboration with other experts to engineer the batteries for these vehicles, with the aim to launch their new products on the Chinese market under the Toyota brand in the first half of the 2020s.
BYD was founded in 1995 as a battery business and has grown into a total energy solution company, manufacturing not only electrified vehicles but also other products such as large energy storage cells.
To curb global warming, both BYD and Toyota seek to reduce CO2 emissions by promoting the widespread use of BEVs. To accomplish these goals, both companies believe industry-wide collaboration is key.
