TU-TESL

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BYD Toyota Electric Vehicle Technology Co., Ltd. (hereinafter referred to as "the joint venture"), a joint venture vehicle R & D company between the automobile company (hereinafter referred to as "Toyota") and the company limited by shares (hereinafter referred to as "BYD"), was officially established on April 2. Since Toyota and BYD signed a joint venture agreement on the establishment of the joint venture on November 7, 2019, both sides have actively promoted the preparatory work of the joint venture, which is planned to officially open in May. An Hongshang from Toyota is the chairman and Zhao Binggen from BYD is the general manager. As for the formal establishment of the joint venture, chairman an Hongshang said: "after the establishment of the joint venture, Toyota and BYD's engineers who master their own technical strengths will learn from each other and learn from each other's car making skills, so as to develop the pure electric vehicle with excellent performance, which is loved by Chinese consumers." Zhao Binggen, general manager, said: "we will be a joint venture company integrating Chinese and Japanese technology and experience in technology research and development. We are committed to promoting and popularizing the high-quality technology of environmental protection, safety, comfort and intelligence for electric vehicles. Our shared vision is to create a consumer centric future of travel, a society in which people and nature share harmoniously. " Toyota and BYD will strive to meet the diversified needs of consumers through the development and popularization of pure electric vehicles that are popular with consumers, and contribute to the improvement of China's environment.