In March 2020, Toyota and BYD set up a joint venture with BYD Toyota Electric Vehicle Technology Co., Ltd. with a registered capital of 345 million yuan, with each side holding 50% of the shares. The main business of the joint venture includes the design and development of parts and components for pure electric vehicles and their derivative vehicles. The main business of the joint venture includes the design and development of parts and components for pure electric vehicles and their derivative vehicles, the import, export and sales of parts, components and assemblies for pure electric vehicles and their derivative vehicles, and the provision of after-sales service and related consulting.
By December of this year, according to media reports, Toyota will launch a pure electric compact car in China by the end of next year, a model that could be priced below 200,000 RMB. The new car will be officially unveiled as a concept car at the Beijing Auto Show next April, after which it may be launched as the second model in Toyota’s bZ series of pure electric vehicles.
It is known that Toyota’s new car is not only equipped with BYD’s lithium iron phosphate blade battery, but also its design, development and production work will be responsible by BYD. This also means that this will be hanging Toyota bull head label of pure electric car, most likely is a label change BYD.
Under the tide of new energy vehicles, pure electric vehicles have become an indispensable part of the development of the automotive industry. As the world’s number one traditional car company, Toyota laid out the technology of non-plug-in energy-saving vehicles and hydrogen energy vehicles a long time ago, while the layout of the pure electric vehicle field happens to be its biggest technical shortcomings.
After the cooperation with BYD, Toyota can use BYD’s technical strength to develop pure electric vehicles at the lowest cost, and get pure electric vehicle manufacturing experience and new energy vehicle points.