Chinese auto manufacturer BYD has signed an agreement with Japanese vehicle producer Hino Motors to set up a joint venture in China to produce commercial battery electric vehicles (BEVs).
The 50:50 joint-venture is scheduled to be completed in 2021. It will develop BEVs and EV parts and components, with its products primarily targeted at the Asian market, Hino said. It plans to launch commercial BEVs under the Hino brand by 2025, according to BYD.
BYD sold 19,881 NEVs in September, up by 30.1pc from August and by 46pc from a year earlier. NEV sales in September accounted for 47.1pc of the company's total vehicle sales of 42,183, up from a share of 41.6pc in August.
Hino manufactures commercial vehicles, mainly trucks and buses, and their engines. The firm, owned 50.1pc by Toyota, has predicted that its 2020-21 global vehicle sales will fall by 17pc to 150,000 vehicles.