BEIJING, March 30 (Xinhua) -- An electric vehicle joint venture (JV) set up by BYD and Toyota has recently settled in Pingshan District, Shenzhen, one of China's most vibrant and innovative cities.
With 50-percent equity held by each investor, the joint venture will develop battery electric vehicles (BEVs). It will rely on BYD's strong electrified supply chain and Toyota's strong design and vehicle research and development capabilities to accelerate upgrading of the electric vehicle technologies.
The vehicle models produced by the JV will use the Toyota brand and will be put on the Chinese market by 2025.
BYD is China's leading new energy vehicle (NEV) manufacturer. Its NEV sales declined 7.39 percent year on year to 229,506 units in 2019. (Edited by Hu Pingchao with Xinhua Silk Road, firstname.lastname@example.org)