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Toyota, BYD to Co-Develop EVs for China

Toyota Motor Corp. and BYD Co. have agreed to co-develop all-electric cars and SUVs that will be marketed under Toyota’s name in China.
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Toyota Motor Corp. and BYD Co. have agreed to co-develop all-electric cars and SUVs that will be marketed under Toyota’s name in China.

The vehicles will be introduced by 2025, according to the partners. Toyota, a relative latecomer to electrification, now says that half its sales volume worldwide—about 5.5 million vehicles—will be hybrids and all-electric vehicles by that time.

Toyota announced two days ago that it has finalized an EV battery development and supply deal with China’s Contemporary Amperex Technology Co. Ltd. CATL reportedly will begin supplying Toyota with batteries next year for its electrified models in China.

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