Toyota and BYD jointly launched a pure electric vehicle, which is the first electric vehicle jointly built by Toyota and BYD. The vehicle is equipped with a drive motor and a lithium ferrous phosphate blade battery provided by BYD Foday Power Supply. Toyota and BYD set up a joint venture company-Electric Vehicle Technology Co., Ltd. as early as 20 19, with each party holding 50% shares. The bZ3 model released this time is jointly owned by the joint venture company and FAW Toyota * * *, adopting Toyota's pure electric structure, BYD's blade battery, motor and electronic control system.
This kind of cooperation is beneficial to both sides. For BYD, we can take this opportunity to further expand its share in the electric vehicle market. For Toyota, this cooperation can help it better cope with the pressure from competitors such as Tesla.