BYD Company Ltd. (BYD) and Hino Motors, Ltd. (Hino) signed a joint venture agreement 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.
Earlier this year, BYD and Hino signed a strategic business alliance agreement with a focus on collaborating in commercial battery electric vehicles (BEVs) development.
