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QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
Toyota, BYD team up to develop electric vehicles
    2019-07-23  08:53    Shenzhen Daily

TOYOTA Motor will develop battery electric vehicles (EVs) and batteries with BYD Co., in a sign it was ramping up partnerships with Chinese players as planned to build affordable EVs for the world’s top auto market.

Toyota and Shenzhen-based BYD will develop sedans and sport utility vehicles, which will then be sold under the Toyota brand in China before 2025.

The partnership with BYD underscores Toyota’s ambitions to use electric vehicles to break into China, the market where the company remains a laggard.

The Japanese carmaker is seeking to narrow the gap with rivals including Volkswagen AG and General Motors Co. in the next decade, which has fueled a global race among them to secure battery supplies.

Earlier last week, Toyota announced it was teaming up with Shenzhen-listed Contemporary Amerex Technology Co. (CATL) to supply and develop batteries for lower-emission vehicles.

After years of focusing on hybrid and fuel-cell technology, Toyota is embracing all-electric cars. The maker of the Prius is now forecasting annual sales of 5.5 million EVs globally in 2025, after moving up its prior target by five years.

In 2008, BYD became the first company to sell mass-produced plug-in hybrid vehicles. BYD’s sales of EVs have been ranked No. 1 in the world since 2015.

Other global carmakers working with Chinese manufacturers include Volkswagen and Ford Motor VW is working with Anhui Jianghuai Automobile, while Ford has teamed up with Anhui Zotye Automobile Renault last week said it will invest US$144 million in a venture with Jiang- ling Motors to develop EVs in China. (SD-Agencies)

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