Toyota to sell EV tech to Chinese startup

Source: Xinhua | 2019-04-17

Toyota Motor Corp has agreed to sell electric car technology to Singulato, its first deal with a Chinese electric vehicle startup, allowing the fledgling firm to speed up development of a planned mini EV.

In return, 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.

It will also gain a bird’s-eye view into how Chinese EV startups operate and the strategies they pursue in a fast-changing marketplace, said Singulato Chief Executive Shen Haiyin and two sources at the Japanese automaker.

Singulato will acquire a license to use the design of Toyota’s eQ — a battery electric microcar. The deal is due to be announced today 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.