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BEIJING (AP) — Toyota Motor Co. and Chinese electric automaker BYD Co. announced a partnership Thursday to develop battery-powered vehicles, adding to a flurry of industry tie-ups to share soaring development costs. Discussions to start with developing vehicles and onboard batteries. Since then, it has become a pioneer of electrified vehicle development, and accumulated a rich array of technologies and experience in the development, production, and sales of electrified vehicles. Toyota Motor Corp. and BYD Co. agreed to jointly develop electric vehicles in China, the latest in a series of deals between a major global automaker and Chinese manufacturer. BYD Company Ltd. and Toyota Motor Corporation announced today that preparations have proceeded since they signed an agreement for the establishment of a joint venture company to conduct research and development of battery electric vehicles (BEVs) on November 7, 2019, and registration of the new company has been completed.Operations are scheduled to commence in May 2020. China to contribute more than half of VW’s planned output of 22 million EVs by 2028, BYD Prepares to Make Electric Buses in California, Volvo XC40 Recharge priced at $53,990 in the US, Volkswagen ID.3 Gets 5-Star Euro NCAP Rating [video], Bespoke Wall Box Design And Complimentary Global Charging For Pininfarina Battista. Toyota and BYD have agreed to set up a joint company to research and develop battery electric vehicles (BEVs).. New Chairman Hirohisa Kishi said with regard to the establishment of the company, “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.”, Newly appointed CEO Zhao Binggen commented, “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. Our vision is to create a future customer-first mobility style, and a harmonious society for humans and nature.”. Automakers are spending billions of dollars to create low-cost models that appeal to Chinese buyers and meet government-imposed sales quotas following the end of subsidies last year that turned China into the technology’s biggest global market. Copyright 2020 The Associated Press.