Even the newly appointed CEO Zhao Binggen of the new company chimed in about the creation of the venture. Binggen states that "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. Our vision is to create a future customer-first mobility style, and harmonious society for humans and nature."
BYD already has a good chunk of the Chinese market when it comes to electric vehicles. The newly established company will have both Toyota and BYD working on new BEVs that are designed to be more attractive to Chinese customers. Through the new partnership, both automotive brands will be promoting their widespread adoption of the new technology and will aim to contribute toward environmental improvement. It's only a matter of time until we see new vehicles from these two brands being sold outside of the Chinese market and traveling the local roads.