BYD Auto Co Ltd (a China-based major electric vehicle manufacturer) and Toyota Motor Corp announced July 19, 2019, that they have concluded a contract to jointly develop electric vehicles (EVs).
They aim to release EVs under the Toyota brand in the Chinese market in the first half of the 2020s.
BYD and Toyota considered that, for reducing the amount of CO2 emissions, it is necessary to cooperate despite their rivalry in the aim of further promoting the use of EVs. Therefore, they agreed to the partnership. They will develop sedan-type and low-floor SUV-type EVs as well as batteries to be used for them.
BYD was established in 1995 as a battery company. Currently, it provides EVs and total energy solutions including large-size batteries. It develops main components of EVs (e.g. batteries, motors and power electronics devices) in house.
In 2008, the company released a plug-in hybrid vehicle (PHV) for the first time in the world. It has achieved the world's best sales of EVs and PHVs combined four years in a row since 2015.
Also, BYD runs a solar power generation (PV) business and a business of stationary storage batteries to be set up at solar power plants. Thus far, the company has installed 5GW of PV facilities and 600MWh of stationary storage batteries in the world.