Today's Pickup: BYD And Toyota Announce Joint BEV Venture
10 November, 2019, 08:29
Toyota Motor says it is launching a joint venture with China's largest electric vehicle maker, BYD, to research and develop battery-powered electric vehicles.
The automakers will invest 50-50 in a new company, the primary mission of which will be to design and develop BEVs from the ground up.
The venture between the world's biggest vehicle maker (Toyota Motor) and the claimed biggest maker of BEVs and plug-in hybrids (BYD) should speed up the pace of development for both companies. The company is to be established in China in 2020, with staffing to come from existing R&D engineers within the respective companies.
Toyota's partnership with Subaru will play in both the BEV and autonomy spaces.
The venture aims to develop vehicles that run exclusively on batteries, rather than plug-in hybrid or gasoline-electric vehicles which also have a combustion engine.
BYD, the leader in China's new-energy vehicle sector, has been seeking to diversify its supply chain since 2017, particularly in batteries. The company is backed by investor Warren Buffet. Last month, BYD said so far it delivered more than 50,000 electric buses to global clients. "We hope to further advance and expand both BYD and Toyota from the efforts of the new company with BYD", Toyota executive VP Shigeki Terashi commented. Since 2015 onwards, BYD's sales of BEVs and PHEVs have been ranked first in the world. The Japanese giant has sold over 14 million electrified cars worldwide since the first Prius debut in 1997.
Toyota is now initiating its electrification strategy globally.
"We aim to combine BYD's strengths in development and competitiveness in the battery electric vehicle market with Toyota's quality and safety technology to provide the best BEV products for the market demand and consumer affection as early as we can". In September, BYD's sales of new-energy vehicles - a category that includes pure and hybrid electric vehicles - dropped for the third consecutive month to 13,681. However, its profits are expected to drop this year as China cuts subsidies on EV.
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