BYD and Toyota Motor have delivered an update on progress since they signed an agreement to establish a joint venture company to conduct research and development of battery electric vehicles (BEVs) on 7 November, 2019.

Registration of the new company has been completed and operations are scheduled to commence in May 2020.

The name of the new company is BYD Toyota EV Technology (BTET).

Toyota's Hirohisa Kishi will be chairman and BYD's Zhao Binggen chief executive officer. 

Kishi 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."

Binggen said: "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."

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.