Toyota and BYD issued a joint venture for the development and production of electric vehicles

Toyota и BYD оформили СП по разработке и выпуску электромобилей

Toyota and BYD has registered a joint venture, which will develop and launch electric vehicles. SP called BYD Toyota EV Technology co. LTD, it will start operating in may 2020

A cooperation agreement between the two companies was signed on 7 November 2019, however, all organizational formalities of the company made up only 2 APR. Announced and executives: chief Executive officer became Zhao Bingwen from BYD, the Chairman of the Board elected Hirohisa Kishi from Toyota.

The main office of the company is located in Shenzhen, it will employ about 300 employees.

Both JV partners have solid experience in the creation of “green” cars. Toyota launched the Prius hybrid back in 1997 and since then has sold more than 14 million electrified vehicles. At the same time, the Japanese company hasn’t got a lot of practice in creating clean electric cars. From the beginning of 2016 to the end of 2019 BYD was the largest manufacturer in the world, “trains”