Toyota enters battery supply partnerships with CATL and BYD
Jun 10, 2019 (China Knowledge) - Toyota Motors has partnered up with Chinese battery manufacturers CATL and BYD as the Japanese auto giant looks to accelerate its electric vehicle ambitions.
Details of the partnership have yet to be announced but CATL and BYD are expected to supply lithium-ion batteries for Toyota-brand electric vehicles which are set to be released in China starting next year.
The partnership also marks the first time Toyota has partnered up with a Chinese battery manufacturer. Toyota had previously agreed to buy batteries from Toshiba, GS Yuasa Corp and Panasonic Corp.
The partnership by Toyota comes amid tightening environmental regulations in major markets that have resulted in a global shift towards electric vehicles leading automakers to scramble to secure future battery supplies in order to meet their electrification goals in the coming years.
Toyota has now pushed forward its goal to hit sales of 5.5 million new energy vehicles (NEVs) annually or half of its total sales to 2025 from 2030 by tapping on the manufacturing capacity of these Chinese battery manufacturers.
Toyota will also ramp up production of NEVs in China, expanding its capacity at a joint venture plant with Guangzhou Automobile Group to up to 400,000 units a year by 2022.
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