SHENZHEN, July 19 (Xinhua) -- China's new energy vehicle (NEV) manufacturer BYD announced Friday that it will partner with Toyota to develop battery electric vehicles (BEVs) and car batteries.
The two companies will jointly develop two models -- sedans and low-floor SUVs. The models will be under the Toyota brand and are expected to be launched in China by 2025.
In February, BYD broke ground on its new battery factory for electric vehicles in southwest China's Chongqing Municipality. The power battery factory under construction is expected to become a major battery production base for NEVs in China.
Bucking the downward trend in the broader Chinese auto market, sales of NEVs soared in 2018, seeing a 61.74 percent year-on-year growth to 1.26 million units, according to the China Association of Automobile Manufacturers.
