Additionally, BYD and Toyota plan to staff the new company by transferring engineers and the jobs currently involved in related R&D from their respective companies.
We aim to combine BYD’s strengths in development and competitiveness in the battery electric vehicle market with Toyota’s quality and safety technology to provide the best BEV products for the market demand and consumer affection as early as we can.
With the same goal to further promote the widespread use of electrified vehicles, we appreciate that BYD and Toyota can become “teammates”, able to put aside our rivalry and collaborate. We hope to further advance and expand both BYD and Toyota from the efforts of the new company with BYD.
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. 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 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.