A Toyota car assembly manufacturing line at Tianjin FAW Toyota Factory in Tianjin, China.
Visual China Group | Getty Images
The world’s biggest seller of cars, Toyota Motor Corporation, is to set up a joint venture with China’s BYD Company — a company quarter-owned by Warren Buffett’s Berkshire Hathaway.
The two companies announced in a statement Thursday that they would each invest 50% of the capital needed to set up a joint venture which designs and develops battery-electric cars.
No details about the total value of the venture were released.
BYD and Toyota said they plan to staff the new company by transferring engineers and R&D jobs from each of their respective companies.