Toyota & China's BYD Team on EV's

Despite Pandemic, New EV Business Opening in May

Source:  Toyota Mirai

Despite the coronavirus pandemic and the

virtual shutdown of the automotive industry, Toyota 

just formalized a partnership with China's BYD.

BYD is backed by US investor Warren Buffet and

is one of China's leading electric automaker.  

They're combining forces to develop quality 

performance, electric vehicles and the

batteries to power them.  

New Company with May Start Date

They're forming a new company,

BYD Toyota EV Technology Co. They say

they hope to start operations in May.

Hirohisa Kishi of Toyota will be Chairman.

Zhao Binggen of BYD will be CEO.  The

vehicles will be designed for Chinese

consumers.

Toyota Going Electric

For the past decade, Japan based

Toyota has focused on hybrid vehicles.

It now intends to extend that focus to

include all electric vehicles. Toyota is

targeting one-half million EV sales starting

in 2025.  Earlier this month, China

extended subsidies on the sale of EV's and

that lower cost could entice consumers

in China, which is the world largest'

automotive market, to buy electric cars.

Zero Emissions MarketPlace

This industry partnership is designed to 

help speed the development of new 

technologies into the market and to 

share the very high R&D costs.

Massive competition has developed 

among automakers in the zero emissions

market because global emissions standards

are tightening.  The strengthening emissions 

regulations make electric vehicles of the

upmost importance.  In China, Toyota 

hopes to launch its first battery powered 

electric vehicle, a compact crossover, in 2020.

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