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BYD Partners with Toyota to Set up Research Venture for Electric Vehicle

November 7, 2019 6:55 pm

Beijing (PingWest)- Chinese electric car maker BYD said on Thursday that it plans to partner with Japan’s Toyota Corporation to set up a joint venture to design and develop battery electric cars.

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 companies did not disclose the value of the venture.