Toyota Motor Corporation recently announced that it will invest 4 trillion yen ($35 billion) in the development of electric vehicles by 2030, aiming to sell 3.5 million electric vehicles and fuel cell vehicles worldwide.
Toyota Motor has previously focused on hybrid technology, and its product layout in the Chinese market is also dominated by dual-engine models, and the layout of electric vehicle models is relatively slow. During this year's Expo, Toyota launched the bZ4x, which is positioned as a pure electric medium-sized SUV, and for the bZ pure electric exclusive series, it will introduce 7 pure electric models worldwide by 2025. It is worth mentioning that the Toyota hydrogen fuel cell vehicle - the second generation Mirai will also be applied to the commuting work of the Beijing Winter Olympics.
In fact, Toyota in the Chinese market BYD set up a joint venture company in March 2020 - BYD Toyota Electric Vehicle Technology Co., Ltd. The two sides each held 50% of the shares and jointly developed electric vehicles to reach a cooperation.
In terms of the scope of production and operation activities, the new company will mainly engage in the design and development of pure electric vehicles and derivative vehicles, pure electric vehicles and their derivative vehicle parts; the import, export, sales, and after-sales service of parts, components and assemblies for pure electric vehicles and derivative vehicles.