BYD is making electric cars for Toyota, which are already undergoing road tests and are expected to hit the market in 2025.
Notably, rather than simply exporting the technology, BYD will provide the design, development and final production of the electric vehicle. In other words, the Toyota electric cars we will buy in the future will actually be BYD models with "standard change".
According to a person familiar with the matter, BYD will be fully responsible for and independently complete the underlying technology, electric control system, motors, batteries and other core technologies of Toyota-branded electric models sold in China in the future.
It will then be accepted by Toyota, and more importantly, the new car will be directly mounted with Toyota's "bull's head" logo.
Data also indicate that Toyota's first midsize pure electric SUV, which will be unveiled at the Shanghai auto show on April 19, will be equipped with a power battery pack derived from BYD.
In fact, as early as November 2019, BYD and Toyota signed a joint venture agreement on the establishment of a pure electric vehicle research and development company, with each side investing 50%. The new company will carry out the design, development and other related businesses of pure electric vehicles and the platforms and parts used in the vehicles.
According to an official BYD document, the partnership includes joint development of all-electric models for sedans and low-chassis SUVs, as well as power batteries for those products. The future products will use the Toyota brand and are planned to be launched in the Chinese market before 2025.