Japanese auto manufacturer Toyota is reportedly collaborating with the Chinese company BYD to produce an electric vehicle (EV) that will be launched next year.
The collaboration is an effort by Toyota to speed up the production of its EV units in line with industry trends.
The company has been researching hydrogen-powered vehicles and hybrid powertrains for its future vehicles but its progress has been slow. While it does have a few EV offerings in the market, it is still a long way from the top and it seems to have only a minute share in the rapidly growing EV market.
The new collaboration is aimed at the release of a small and economical electric sedan that will be launched by the end of next year in China for 200,000 yuan ($30,000). Toyota expects BYD Motors to provide crucial technology for the development of a car that is both spacious and affordable. This car will be powered by BYD’s blade battery cells that have highly improved lithium iron phosphate (LFP) chemistry.
BYD Co. Ltd. is the latest tech provider in the EV industry, and the blade battery cells that it produces have attracted the attention of several automotive giants in the EV industry.
The upcoming Toyota-BYD EV model is expected to be a little bigger than the Corolla. However, key details about the EV have not been fully revealed as BYD and Toyota have refrained from disclosing information.
