Toyota Electric Vehicles promotional poster July 22, 2019

BYD Company Ltd. (BYD) and Toyota Motor Corporation (Toyota) have signed an agreement for the joint development of battery electric vehicles (BEVs). The two parties will jointly develop sedans and low-floor SUVs as well as the onboard batteries for these vehicles and others with the aim to launch them in the Chinese market under the Toyota brand in the first half of the 2020s.

BYD was founded in 1995 as a battery business and has grown into a total energy solution company, manufacturing not only electrified vehicles but other products such as large-size energy storage cells. The company name BYD stands for “Build Your Dreams” and core parts for electrified vehicles such as batteries, motors and power electronics are among the products that BYD develops in-house. In 2008, BYD became the first company in the world to sell mass production of plug-in hybrid electrified vehicles (PHEVs). Since 2015 onwards, BYD’s sales of BEVs and PHEVs have been ranked first in the world for four consecutive years.

In 1997, Toyota became the first company in the world to launch mass production hybrid electrified vehicles (HEVs). Since then, it has become a pioneer of electrified vehicle development, and accumulated a rich array of technologies and experience in the development, production, and sales of electrified vehicles.

To curb global warming, both BYD and Toyota seek to reduce CO₂ emissions by promoting the widespread use of BEVs. To accomplish these goals, both companies believe there is a need to put aside their rivalry and collaborate; therefore, the two companies have agreed to jointly develop BEVs.

Going forward, BYD and Toyota will make use of the electrified vehicles, and battery development technologies they have acquired through their market introductions and will work together to further develop BEVs that are attractive to customers and in further promoting their widespread adoption.

ARTICLE: Toyota Motor Corporation Newsroom (Japan) | BYD, Toyota Enter Agreement to Jointly Develop Battery Electric Vehicles

To be the first to hear about Project Updates, ASX Releases, Company News and more – CLICK HERE to subscribe to the Orocobre eNewsletter

Latest News &
Announcements

All our latest news, speeches, announcements, presentations and media releases from Orocobre Limited. The best way to stay up to date is to sign up for our newsletter.

  • Nobel Prize Winner Says Battery Recycling Key to Meeting Electric Car Demand

    Nobel Prize Winner Says Battery Recycling Key to Meeting Electric Car Demand

    Recycling batteries is the key to securing enough raw materials to power the surge in electric vehicle demand, according to a winner of the Nobel Prize in Chemistry. “The point is whether EV batteries can be recycled,” said Akira Yoshino, a Japanese chemist who was awarded the prize with two others for their pioneering work... View Article
  • Boeing and Porsche team up to develop flying electric car

    Boeing and Porsche team up to develop flying electric car

    Porsche and Boeing have signed a Memorandum of Understanding to explore the premium urban air mobility market and the extension of urban traffic into airspace. With this partnership, both companies will leverage their unique market strengths and insights to study the future of premium personal urban air mobility vehicles.
  • Chemistry Nobel Hails Work on Batteries That Changed Society

    Chemistry Nobel Hails Work on Batteries That Changed Society

    The Nobel Prize in Chemistry was awarded to a trio of pioneers of the modern lithium-ion battery, which is revolutionising everything from mobile phones to the future of the global car industry. The prize went to M. Stanley Whittingham, a British-American professor at the State University of New York at Binghamton; Japan’s Akira Yoshino, of... View Article

Be the first to know.
Subscribe Now.

We will never sell or share this information to anyone. Privacy Policy
© 2019 Orocobre Limited Pty Ltd