According to Nandu News reporter Liu Chen reported on November 7, Toyota Motor Corporation (hereinafter referred to as "Toyota") and BYD Co., Ltd. (hereinafter referred to as "BYD") signed a joint venture agreement for the establishment of a pure electric vehicle research and development company. The new company will be officially established in China in 2020, with Toyota and BYD each contributing 50%. The new company will carry out related business for pure electric vehicles and platforms, parts design and R&D.