Toyota Motor Corp and BYD announced their joint venture for designing and production of battery-run cars. This venture will come alive in 2020. It will be a China-based venture. Companies have revealed that their share in the joint venture will be equal. The amount involved in the venture is still unknown.
Battery EVs are already being produced by Toyota’s rival, Nissan. Toyota is a little late to realize the profit in the battery run cars. Toyota also hopes that it will have half of the global sales by 2025.
Under the name of Toyota Electric, sedans and SUVs will be sold in China before 2025. China supports fuel-celled vehicles. Thus, Toyota is planning on developing hydrogen-fueled vehicles.
These cars will be sold with its Chinese partner, Guangzhou Automobile Corp, and First Automobile Works (FAW) Group Cooperation.
Toyota will be launching C-HR/IZOA next year. It is a compact, battery-run, compact crossover. This will be the first battery car from Toyota.
Toyota Motor Corp is a Japanese automobile manufacturing cooperation. Its headquarters are in Japan. As of September 2018, Toyota was the 6th largest revenue earning company in the world, and as of 2017, it was the largest company in terms of market capitalization and revenue. In terms of hybrid electric vehicles and hydrogen fuel-cell vehicles, Toyota stands at the top.
BYD Auto Co. Ltd. It is a subsidiary of BYD Co. Ltd. BYD Co. Ltd. It is a multinational company based in Xi’an. BYD Auto Co. Ltd. Has acquired Tsinchuan Automobile Company in 2002. It manufactures automobiles, bicycles, forklifts, trucks, buses, and batteries, which are rechargeable.
This joint venture may have a significant impact on the economy and the turnover of the companies involved, but it is high time that people start using battery-run vehicles not to burn out the fossil fuels.
The environment has become a significant concern now that the Earth is heating up, the Great Barrier Reef disappeared and rising water due to melting of glaciers.