Apr. 02, 2020

BYD, Toyota Launch BYD TOYOTA EV TECHNOLOGY Joint Venture to Conduct Battery Electric Vehicle R&D

BYD Company Ltd.
Toyota Motor Corporation

Toyota City, Japan, April 2, 2020―BYD Company Ltd. (BYD) and Toyota Motor Corporation (Toyota) announced today that preparations have proceeded since they signed an agreement for the establishment of a joint venture company to conduct research and development of battery electric vehicles (BEVs) on November 7, 2019, and registration of the new company has been completed. Operations are scheduled to commence in May 2020. The name of the new company is BYD TOYOTA EV TECHNOLOGY CO., LTD. (BTET). Hirohisa Kishi from Toyota 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."

Newly appointed CEO Zhao Binggen commented, "This joint venture company will focus on the research and development of battery electric vehicles with technology and know-how from both China and Japan. The company 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."

BYD and Toyota will 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.

Overview of the Joint Venture Company

Name	BYD TOYOTA EV TECHNOLOGY CO., LTD. (BTET)
Location	Head officePingshan District, Shenzhen City, Guangdong Province
Officers	Chairman Hirohisa Kishi (Senior Executive Vice President, Toyota Motor Engineering & Manufacturing (China) Co., Ltd.) CEOZhao Binggen (BYD Company Ltd.) Directors6 (3 from Toyota and 3 from BYD) Auditors2 (1 from Toyota and 1 from BYD)
Business activities	Design, development, etc. of battery electric vehicles and their platforms and related parts
Equity participation	Toyota Motor Corporation (50%), BYD (50%)
Employees	Approx. 300

"Achieving zero, and adding new value beyond it"

As part of efforts to pass our beautiful "Home Planet" to the next generation, Toyota has identified and is helping to solve issues faced by individuals and overall society, which Toyota calls "Achieving Zero," hoping to help reduce the negative impacts caused by these issues to people and the environment to zero. Additionally, Toyota is also looking "Beyond Zero" to create and provide greater value by continuing to diligently seek ways to improve lives and society for the future.