BTET, JOINT VENTURE BY BYD AND TOYOTA IN EV TECHNOLOGY
November last year BYD Company Ltd. (BYD) and Toyota Motor Corporation (Toyota) signed an agreement for the establishment of a joint venture company to conduct research and development of battery electric vehicles (BEVs). Now they have concluded their preparations and established the new company BYD Toyota EV Technology Co. (BTET). Operations are scheduled to commence in May 2020. Both companies own 50% of the shares in BTET.
In a press statement BYD and Toyota announced the goal of the newly formed company is that in working together they believe they can meet the diverse needs of customers by researching and developing BEVs that appeal to customers and promoting their widespread adoption and also hope to contribute to improving the environment in China. As business activities BTET is involved design, development, etc. of battery electric vehicles and their platforms and related parts.
Toyota's Hirohisa Kishi will serve as chairman, and Zhao Binggen from BYD will be the chief executive officer (CEO). New Chairman Hirohisa Kishi said with regard to the establishment of the company, "With the engineers from BYD and Toyota working together under the same roof, we aim to develop BEVs that are superior in performance and meet the needs of customers in China by merging the two companies' strengths and also through friendly rivalry."
BTET will have its headquarters in Pingshan District, Shenzhen City, Guangdong Province in China. The workforce will be around 300 people strong. The management-team is equally divided in three management-positions for Toyota and three for BYD.
Newly appointed CEO Zhao Binggen commented, "This joint venture is committed to promoting and populating high-quality technologies that make battery electric vehicles more environmentally friendly, safe, comfortable, and intelligent. Our vision is to create a future customer-first mobility style, and a harmonious society for humans and nature."