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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