On July 19th, BYD Auto signed a contract with Toyota, the two parties will jointly develop pure electric vehicles for sedan and low-floor SUVs in China market, as well as battery for the above-mentioned products.
Regarding the specific performance and parameters of the cooperation models, the two sides have not yet released any further news, but it is clear that the future cooperation models will use the Toyota brand and plan to launch the Chinese market by 2025. We had previously learned that the two-party cooperation would be carried out in the name of two companies and would not form a joint venture.
The multi-dimensional cooperation between Toyota and BYD has already begun to take shape. In June this year, Toyota announced at the electric-related theme conference held in Tokyo that it will cooperate with car battery manufacturers such as CATL, BYD and Toshiba to accelerate the development of new energy vehicles. At that time, there was a voice in the outside world that the cooperation between Toyota and BYD was not only in the field of power batteries.
The signing of this contract further confirmed the above speculation. In fact, as a representative of traditional car companies, BYD and Toyota have been working in the field of new energy for many years.
BYD has launched the “New Energy” label since entering the automotive field. The company launched the first plug-in hybrid model in 2008, and since 2015, it has won the global sales’ No.1 of new energy vehicles for four consecutive years. In March of this year, BYD also launched the e-series that is positioned all-electric vehicle, and hopes to start from the mini-cars and further popularize new energy vehicles.
Toyota’s layout in the new energy field has always been dominated by plug-in hybrid vehicles and hydrogen fuel cell vehicles, but it has a slower pace in the pure electric field. This time, the company has chosen to cooperate with BYD, or it can quickly grasp the upstream and downstream supply system related to the pure electric field, and BYD can also open up more business modes.