BYD, Toyota to jointly develop battery electric vehicles

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Two world leaders in the development of electrically-powered road transport, China's BYD Co. Ltd. and Toyota Motor Corp. of Japan, have signed an agreement to jointly develop battery electric vehicles (BEVs).

The two parties have agreed to jointly develop sedans and low-floor SUVs as well as the onboard batteries to power them, along with other vehicles, with the aim of launching them in the Chinese market under the Toyota brand in the first half of the next decade. 

BYD was founded in 1995 as a battery business and has grown into a total energy solution company, manufacturing not only electrified vehicles but other products such as large-size energy storage cells.

The company name BYD stands for "Build Your Dreams," and core parts for electrified vehicles such as batteries, motors and power electronics are among the products it develops in-house. 

In 2008, BYD became the first company in the world to sell mass production of plug-in hybrid electrified vehicles (PHEVs). Since 2015, its sales of BEVs and PHEVs have always ranked first in the world.

In 1997, Toyota became the first company in the world to launch mass production of hybrid electrified vehicles (HEVs). Since then, it has become a pioneer of electrified vehicle development, and accumulated a rich array of technologies and experience in the development, production, and sales of electrified vehicles. 

To curb global warming, the two companies said they were committed to reducing carbon dioxide emissions by promoting the widespread use of BEVs. To accomplish these goals, both companies believe "there is a need to put aside rivalry and collaborate closely.'"

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