FILE PHOTO: A woman walks past a BYD sign at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. REUTERS/Aly Song
TOKYO (Reuters) – Chinese electric car maker BYD Co and Japan’s Toyota Motor Corp said on Thursday they planned to set up a joint venture to design and develop battery electric cars, as the automakers ramp up efforts to produce zero emissions vehicles.
The two companies said in a statement that they would each invest 50% of the capital needed to establish the company, which will be set up next year and be based in China.
The venture aims to develop vehicles that run solely on batteries, rather than hybrids which also have a combustion engine.
Reporting by Naomi Tajitsu; Editing by Edmund Blair