BYD and Toyota to build battery electric vehicles in joint venture
The venture aims to develop vehicles that run solely on batteries, rather than plug-in hybrid or fuel-electric vehicles
Tokyo/Shanghai — Chinese electric car maker BYD and Japan’s Toyota said on Thursday they planned to set up a joint venture to design and develop battery electric cars as they ramp up efforts to produce zero emissions vehicles.
The two companies said in a statement that they would each invest 50% of the capital needed to establish the company, which will be set up in 2020 and be based in China. The companies did not disclose the value of the venture...