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File photo used for representational purpose (REUTERS)
File photo used for representational purpose (REUTERS)

Toyota, China's BYD announce electric car venture

  • BYD also has a separate electric vehicle venture, Denza, with Daimler AG’s Mercedes-Benz.

Toyota Motor Co. and Chinese electric automaker BYD Co. announced a partnership Thursday to develop battery-powered vehicles, adding to a flurry of industry tie-ups to share soaring development costs.

Automakers are spending billions of dollars to create low-cost models that appeal to Chinese buyers and meet government-imposed sales quotas following the end of subsidies last year that turned China into the technology’s biggest global market.

(Also read: Buffett-backed BYD to supply electric car parts to rivals)

Volkswagen AG, Ford Motor Co. and other brands have linked up with Chinese producers to create lower-cost electric models. BYD also has a separate electric vehicle venture, Denza, with Daimler AG’s Mercedes-Benz.

Toyota and BYD “determined that there is much we can learn from one another’s expertise," the companies said in a statement. They gave no financial details or sales plans.

This story has been published from a wire agency feed without modifications to the text.

  • First Published Date : 03 Apr 2020, 10:03 AM IST