Build Your Dreams (BYD) and Toyota released information this week confirming next steps behind a joint company that would ultimately support battery electric vehicle research and the creation of BEVs and related parts.

The R&D company will comprise of transferred engineers and total needed capital will be shared 50/50 among the two companies. Build Your Dreams and Toyota both have notable accomplishments in supporting an eco-friendly atmosphere, including Toyota’s Prius – the first mass-produced hybrid electric vehicle, and BYD’s manufacturing of energy storage cells and electric vehicles. BYD is responsible for the first mass production of plug-in hybrid electrified vehicles and boasts four consecutive years of first-place sales rankings for its BEVs and PHEVs.

“We aim to combine BYD’s strengths in development and competitiveness in the battery electric vehicle market with Toyota’s quality and safety technology to provide the best BEV products for the market demand and consumer affection as early as we can,” stated BYD senior vice president Lian Yu-bo.

Additional information released confirmed the joint R&D company’s headquarters will be in China beginning in 2020 and ultimately support further efforts for Toyota’s vision of global electrification.

“With the same goal to further promote the widespread use of electrified vehicles, we appreciate that BYD and Toyota can become “teammates,” able to put aside our rivalry and collaborate. We hope to further advance and expand both BYD and Toyota from the efforts of the new company with BYD,” concluded Toyota executive vice president Shigeki Terashi.