Shanghai (ZXZC)- BYD Auto Industry Company Limited, a subsidiary of BYD Company Limited, entered into a joint venture agreement with Hino Motors, Ltd. (Hino) on October 21 to set up a new company for the development of battery electric commercial vehicles, according to a posting on BYD's WeChat account.

BYD's CV products; photo credit: BYD

The new joint venture is set to be established in China in 2021, and will be evenly held by BYD and Hino. It will integrate the strengths of both parent companies to develop all-electric CVs and EV-used auto parts, aiming to quickly offer ideal products in line with customers' demands, primarily in the Asian market.

Moreover, the new company plans to launch Hino-branded full-electric CVs before 2025.

The collaboration can be dated back to April 2020 when BYD Company Ltd. and Hino signed a strategic business alliance agreement for the collaboration on developing all-electric CVs, aiming to provide consumers with the best-fit product in a timely manner.

Besides, using both companies' know-hows and experience in the development of commercial BEVs, they will team up on retail and other relevant businesses that will bolster the popularization of BEVs.

Founded in 1995 as a battery R&D and manufacturing company, BYD has grasped such core technologies as battery, IGBT, electric motor and electric controls, and has developed into a company that provides integral new energy solutions for new energy passenger vehicles, commercial vehicles, forklifts and power batteries.

BYD Commercial Vehicle has an extensive product lineup ranging from pure electric coaches and buses to battery electric trucks. Since the first K9 all-electric buses were put into commercial operation in Shenzhen in 2011, BYD has stepped into more than 300 cities across over 50 countries and regions around the world with over 50,000 pure electric buses and coaches sold.