Toyota, China's BYD announce electric car venture
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.
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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.
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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.