Toyota charts ambitious year in China

Wang Bo, senior vice-president of BYD, said the two companies will integrate their respective advantages in vehicle production to offer pure electric cars that meet the demands of customers.

Toyota has more than 20 years of experience in developing battery, electric motors and controller technologies. It offers hybrids, plug-in hybrids, electric vehicles and fuel cell vehicles in addition to conventionally fueled vehicles. Toyota said it has sold more than 14 million electrified cars so far.

The company is planning to develop and launch fuel cell car models in its joint ventures with Guangzhou-based carmaker GAC and FAW Group.

It has also joined hands with Foton Motor Group and Beijing Sino-Hytec, a high-tech enterprise focusing on the R&D and industrialization of hydrogen fuel cell engines.

The cooperation will see hydrogen-powered buses produced by Foton Motor coupled with SinoHytec's hydrogen fuel cell power system, which uses Toyota's hydrogen fuel cell stack and other components and parts.

Toyota is also making inroads into connectivity, autonomous driving and mobility in China. It is a member of Baidu's Apollo program and has spent $600 million in China's Didi Chuxing, the country's largest ride-hailing platform.

The carmaker said smart mobility will be an important part of its business operations in the country.