(Yicai Global) July 22 -- Shenzhen-based major electric vehicle maker BYD and Japan's Toyota Motor will jointly develop pure electric sedan cars and low-slung pure electric sport utility vehicles for the Chinese market and batteries for such vehicles, the pair separately announced on July 19.
The two penned their cooperation agreement on July 19, per which the new autos will bear the Toyota brand and appear on the Chinese market before 2025, they said in their statements.
China, the world's biggest NEV market for several years, moved about 1.26 million cars last year, Xinhua News Agency reported. Some 298,900 NEVs sold in the country in the first quarter, up over twofold from the same period last year, data from the China Association of Automobile Manufacturers show.
Tokyo-based Toyota also signed an agreement last week with China's main power cell supplier, Ningde, Fujian province-based Contemporary Amperex Technology, the world's biggest maker of lithium-ion batteries. They will collaborate to come up with more reliable battery systems for NEVs, and technologies for reuse and recycling of batteries.
Editor: Ben Armour