Toyota sells electric car tech to Chinese startup Singulato
In return, Toyota will have preferential rights to buy green-car credits that Singulato will generate under China's new quota system for all-electric and plug-in hybrid vehicles
Beijing — Toyota has agreed to sell electric car technology to Singulato, its first deal with a Chinese electric vehicle startup, allowing the fledgling firm to speed up development of a planned mini-electric vehicle. In return, Toyota will have preferential rights to purchase green-car credits that Singulato will generate under China's new quota system for all-electric and plug-in hybrid vehicles. It will also gain a bird's-eye view into how Chinese electric-vehicle startups operate and the strategies they pursue in a fast-changing marketplace, said Singulato CEO Shen Haiyin and two sources at the Japanese vehicle maker. "With electrification, autonomous driving and car-sharing shaking up the industry, old ways need to be re-examined,” one of the Toyota sources said, declining to be identified as he was not authorised to speak on the matter. “We have a century's lead in automotive technology, but we also need to be humble enough to learn from newcomers.” Singulato will acquire a li...
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