BYD Auto Industry Co (BYD) and Hino Motors (Hino) signed a joint venture agreement today to set up a new company for commercial battery electric vehicles (BEVs) development.
This new venture is scheduled to be established within China in 2021, with BYD and Hino each making a 50% capital investment.
It will “combine the strengths of both companies” to develop BEVs and electric units and will “aim to quickly implement the ideal products” for customer needs, primarily in the Asian market.
The venture plans to initially launch vehicles under the Hino brand in the first half of the 2020s.
BYD and Hino will “work together to develop and spread the best-fit commercial BEVs for customers to achieve low-carbon societies.”
The move follows BYD and Hino signing a strategic business alliance agreement in April 2020, with a “focus on commercial battery electric vehicles development.”