Toyota to venture into Chinese battery-electric vehicles and battery market in collaboration with BYD Co.
Toyota Motor Corp. and its Chinese partner BYD Co. will develop battery-electric vehicles and batteries as the Japanese automaker is looking at building affordable EVs for the world's top vehicle market in collaboration with its Chinese partners. Toyota and the Chinese electric automaker announced in a statement that they would manufacture sedans and crossovers to be sold under the Toyota brand in China before 2025.
Toyota also announced it was teaming up with China's Contemporary Amperex Technology Co. to supply and develop batteries for lower-emission vehicles.
Toyota is a late entry into the market for battery EVs in comparison to its rivals like Nissan. The automaker recently announced its plans to get half of its global sales from EVs and gasoline hybrids by 2025. To meet this early timeline, Toyota would need more-than-expected battery supply. This has prompted the Japanese auto giant to look beyond its long-term battery partner Panasonic Corp for new collaborations.
Toyota has strategized these developments amid a quick growth in the zero-emission vehicle market, when stricter carbon emission rules have shifted the focus to electric vehicles and hybrids from gasoline powered vehicles.
Toyota is planning to launch its first battery EV, a version of its C-HR/IZOA compact crossover in China in 2020.
source: Alcircle
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