BYD Company and Toyota Motor Corporation announced the formation of a joint company to conduct research and development of battery-electric vehicles. The company will be established in China and include Toyota engineers transferred from Japan, the companies announced.
BYD has been the world’s largest producer of battery-electric and plug-in hybrid electric vehicles for the past four years, it said. Toyota introduced the Prius as the world’s first mass-produced hybrid-electric vehicle in 1997 and has sold more than 14 million electric vehicles.
