BYD Co Ltd and Toyota Motor Corp announced on Thursday the launch of a joint venture company, in a bid to give full play to their respective advantages to conduct research and development into battery electric vehicles (BEVs) in the future.

According to BYD and Toyota, the new company, namely BYD Toyota EV Technology Co Ltd, will mainly focus on the design and development of BEVs and their platforms and related parts. The agreement for the establishment of the joint venture was signed on Nov 7 2019, and operations are scheduled to commence in May.

Hirohisa Kishi, chairman of the new company, said: "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."

"This joint venture company will focus on the R&D of BEVs with technology and know-how from both China and Japan. The company is committed to promoting and populating high-quality technologies that make BEVs more environmentally friendly, safe, comfortable and intelligent," said Zhao Binggen, newly appointed CEO of BYD Toyota EV Technology.

Our vision is to create a future customer-first mobility style, and a harmonious society for humans and nature, Zhao added.

The both parties made a commitment to work together to 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.