Toyota sells electric vehicle technology to Chinese startup | Smart Highways Magazine: Industry News

Toyota sells electric vehicle technology to Chinese startup

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Japanese multinational automotive manufacturer, Toyota Motor Corp has agreed to sell electric car technology to Singulato.

This will Toyota’s first deal with a Chinese electric vehicle startup, and will allow the firm to speed up development of a planned mini EV.

Reuters reports that Toyota will have preferential rights to purchase green-car credits that Singulato will generate under China’s new quota system for all-electric and plug-in hybrid vehicles.

Toyota sources told Reuters that, ‘with electrification, autonomous driving and car-sharing shaking up the industry, old ways need to be re-examined.’
 According to Reuters, Singulato will acquire a licence to use the design of Toyota’s eQ – a battery electric microcar.
 The deal is due to be announced on Tuesday at the Shanghai auto show, where Singulato will unveil a concept car based on the eQ.
 Singulato plans to redesign the car, tailoring it to local tastes to come up with a model by early 2021 that is more affordable and offers a longer driving range.

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