Five months after signing their joint venture, Toyota and China’s BYD have announced the registration of the promised new company, imaginatively called the BYD Toyota EV Company, to conduct research and development of battery electric vehicles. Operations are set to commence in May.

Headquartered in Pingshan, Shenzhen, the company will be headed by chairman Hirohisa Kishi from Toyota and CEO Zhao Binggen from BYD. Kishi was formerly the president of Toyota’s powertrain division, while Zhao was the assistant to the president at BYD Automotive Engineering Research Institute.

“With the engineers from BYD and Toyota working together under the same roof, we aim to develop BEVs that are superior in performance and meet the needs of customers in China by merging the two companies’ strengths and also through friendly rivalry,” said Kishi.

Zhao added, “This joint venture company will focus on the research and development of battery electric vehicles with technology and know-how from both China and Japan. The company is committed to promoting and populating high-quality technologies that make battery electric vehicles more environmentally friendly, safe, comfortable, and intelligent. Our vision is to create a future customer-first mobility style, and a harmonious society for humans and nature.”

The joint press release stated that the two companies would work together to meet the diverse needs of their customers, by researching electric vehicles that appeal to customers and promoting their widespread adoption. Toyota and BYD say they also hope to help improve the environment in China.