Geely, Toyota team up to research, develop hybrid electric vehicle
Shanghai (Gasgoo)- Dong Changzheng, vice general manager of Toyota Motor (China) Investment Co., Ltd., recently revealed that Toyota is cooperating with China's largest privately-owned automaker Geely to popularize hybrid power technology, through Corun, Toyota's largest Chinese core parts supplier of hybrid power.
At the eve of the 2018 Chengdu Motor Show on Aug. 30, An Conghui, president of Geely Holding Group, and president and CEO of Geely Auto Group also confirmed that Geely and Toyota are working on the cooperation. However, the detailed information will be announced later.
Currently, both parties have reached an agreement that Geely's models will come fitted with Toyota's hybrid power technology. Via sharing and collaboration, the cooperation will benefit for both Toyota and Geely. On one hand, Toyota can enjoy lower application cost of hybrid electric vehicles (HEV) in China, on the other hand, Geely will set a good example that helps attract more automakers to use hybrid power technology.
Noticeably, this is first time for Toyota to share its advanced hybrid power technology with its Chinese peer, and also the first time Toyota deeply cooperates with China's domestic automaker.
On June 27, Foshan plant of CHS project, which was jointly invested by Corun, Geely, Changan and Yunnei Power, officially put into operation. With an investment of around RMB 10 billion, the Foshan plant is planned to have an annual production capacity of 1 million units or sets. Having invested RMB 4.65 billion, the production capacity of the plant's early stage will reach 100,000 units or sets.