The Chinese continue to move ahead in their attempt to dominate the world economy. In the latest move from BYD, which is headquartered in the world’s largest auto market, BYD has entered an agreement with Toyota to jointly develop battery electric vehicles (BEVs).
Discussions include joint development of sedans and low-floor SUV BEVs. The goal is to launch Toyota branded BEVs in China in the first half of the 2020s. BYD and Toyota will also develop onboard batteries for the jointly developed BEVs and other vehicles.
Last year BYD sold more than 113,000 plug-in electric vehicles worldwide and currently has nearly 40,000 electric buses in service around the world. BYD employs over 20,000 engineers globally, constantly innovating in order to make the world a better place.
BYD was founded in 1995 as a battery business and has grown into “an 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). From 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 an 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 said in a statement that they 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.