Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
In Depth: What’s in the China-U.S. Tariff Truce, and What’s Left Unsettled
LATEST
China Tightens Export Controls on Drone Parts, Eases Curbs on Farm Models
China Proposes Export Curbs on AI and Solar Technology
Global Smartphone Shipments Fall as Much as 22% as Costs Rise
Chinese AI Chip Startup SUNMMIO Raises Nearly 2 Billion Yuan in a Year
Analysis: Global Tech Sell-Off Tests Confidence in the AI Spending Boom
DeepSeek Restores Services After Nearly Five-Hour Outage
DJI Launches Battery-Swapping Dock to Cut Drone Downtime
Expanded U.S. Curbs on Electronics Using Huawei, ZTE Parts Take Effect
Alibaba Unveils AI Glasses in Push for Wearable Hardware Market
More Than 150 Apps Opt Out of ByteDance’s AI Phone Assistant
Chinese Chipmaker CanSemi Shares Surge 223% in Trading Debut
Tencent Integrates AI Agent WorkBuddy With Enterprise App
ByteDance Sets Up Dedicated AI Safety Unit to Manage Model Risks
China Weakness Weighs on LVMH’s Third Quarter Sales
FCC Proposal Threatens Chinese Labs’ Dominance in U.S. Electronics Testing
ByteDance, Tencent Rush to Launch Personal AI Agents After Meta’s Muse Success
Luxshare, Foxconn Among Firms Targeted in U.S. Power System Probe
CXMT Shares Suffer Biggest Drop Since July IPO
Xiaohongshu Pushes Further Into Gaming, Anime With Bigger Festival
In Depth: What’s in the China-U.S. Tariff Truce, and What’s Left Unsettled
Toyota, BYD in Tie-Up to Develop Electric Vehicles for China

By Bloomberg / Jul 20, 2019 05:45 AM / Business & Tech

Photo: VCG

Photo: VCG

Toyota Motor Corp. and BYD Co. agreed to jointly develop electric vehicles in China, the latest in a series of deals between a major global automaker and Chinese manufacturer.

The two companies will work together on electric sedans and sport-utility vehicles with the goal of introducing them during 2020-2025, they said Friday in a statement. The partnership also includes the development of batteries for the vehicles, they said.

The partnership underscores Toyota’s ambitions to use electric vehicles to break into China, the market where the company remains a laggard. The carmaker is seeking to narrow the gap with rivals including Volkswagen AG and General Motors Co. in the next decade, which has fueled a global race to secure battery supplies. This week, Toyota announced a deal to buy batteries from Contemporary Amperex Technology Co. Ltd., China’s largest EV battery maker.

After years of focusing on hybrid and fuel-cell technology, Toyota is embracing all-electric cars. The maker of the Prius is now forecasting annual sales of 5.5 million EVs globally in 2025, after moving up its prior target by five years.

In 2008, BYD became the first company to sell mass-produced plug-in hybrid vehicles. BYD’s sales of EVs have been ranked No. 1 in the world since 2015.

Other global automakers working with Chinese manufacturers include Volkswagen and Ford Motor Co. VW is working with Anhui Jianghuai Automobile Co., while Ford has teamed up with Anhui Zotye Automobile Co. Renault SA this week said it will invest $144 million in a venture with Jiangling Motors Corp. to develop EVs in China.

Related: CATL, Toyota Team Up for New-Energy Vehicle Batteries


Share this article
Open WeChat and scan the QR code