Toyota and BYD officially announced registration of a new joint venture - BYD TOYOTA EV TECHNOLOGY CO., LTD. (BTET), for research and development of battery electric vehicles (BEVs).

Head office: Pingshan District, Shenzhen City, Guangdong Province, China

Business activities: Design, development, etc. of battery electric vehicles and their platforms and related parts

The preparations to establish the 50%/50% joint venture have proceeded since November 2019, when the two announced the intention. In summer 2019, Toyota and BYD first hinted at joint all-electric car and battery developments, which means that the JV might be just a first step before deeper commercial partnership.

Operations of BTET are scheduled to commence in May 2020.

"BYD and Toyota will work together to meet the diverse needs of customers by researching and developing BEVs that appeal to customers and promoting their widespread adoption and also hope to contribute to improving the environment in China."

 
 

We guess that BYD is already well advanced with preparations to serve Toyota with its newly launched FinDreams sub-brand for automotive parts/systems. The Japanese manufacturer might also be interested in potentially more affordable BYD Blade Batteries.

New Chairman Hirohisa Kishi said with regard to the establishment of the company:

"With the engineers from BYD and Toyota working together under the same roof, we aim to develop BEVs that are superior in performance and meet the needs of customers in China by merging the two companies' strengths and also through friendly rivalry."

Newly appointed CEO Zhao Binggen commented:

"This joint venture company will focus on the research and development of battery electric vehicles with technology and know-how from both China and Japan. The company is committed to promoting and populating high-quality technologies that make battery electric vehicles more environmentally friendly, safe, comfortable, and intelligent. Our vision is to create a future customer-first mobility style, and a harmonious society for humans and nature."

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BYD, Toyota Launch BYD TOYOTA EV TECHNOLOGY Joint Venture to Conduct Battery Electric Vehicle R&D

BYD Company Ltd.
Toyota Motor Corporation

 

Toyota City, Japan, April 2, 2020―BYD Company Ltd. (BYD) and Toyota Motor Corporation (Toyota) announced today that preparations have proceeded since they signed an agreement for the establishment of a joint venture company to conduct research and development of battery electric vehicles (BEVs) on November 7, 2019, and registration of the new company has been completed. Operations are scheduled to commence in May 2020. The name of the new company is BYD TOYOTA EV TECHNOLOGY CO., LTD. (BTET). Hirohisa Kishi from Toyota will serve as chairman, and Zhao Binggen from BYD will be the chief executive officer (CEO).

New Chairman Hirohisa Kishi said with regard to the establishment of the company, "With the engineers from BYD and Toyota working together under the same roof, we aim to develop BEVs that are superior in performance and meet the needs of customers in China by merging the two companies' strengths and also through friendly rivalry."

Newly appointed CEO Zhao Binggen commented, "This joint venture company will focus on the research and development of battery electric vehicles with technology and know-how from both China and Japan. The company is committed to promoting and populating high-quality technologies that make battery electric vehicles more environmentally friendly, safe, comfortable, and intelligent. Our vision is to create a future customer-first mobility style, and a harmonious society for humans and nature."

BYD and Toyota will work together to meet the diverse needs of customers by researching and developing BEVs that appeal to customers and promoting their widespread adoption and also hope to contribute to improving the environment in China.

Overview of the Joint Venture Company

  1. Name
BYD TOYOTA EV TECHNOLOGY CO., LTD. (BTET)
  1. Location
Head officePingshan District, Shenzhen City, Guangdong Province
  1. Officers
  • Chairman
    Hirohisa Kishi (Senior Executive Vice President, Toyota Motor Engineering & Manufacturing (China) Co., Ltd.)
  • CEOZhao Binggen (BYD Company Ltd.)
  • Directors6 (3 from Toyota and 3 from BYD)
  • Auditors2 (1 from Toyota and 1 from BYD)
  1. Business activities
Design, development, etc. of battery electric vehicles and their platforms and related parts
  1. Equity participation
Toyota Motor Corporation (50%), BYD (50%)
  1. Employees
Approx. 300