Toyota Motor Corp has agreed to sell electric car technology to Singulato, its f...
BEIJING - 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.
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 on Tuesday at the Shanghai auto show, where Singulato will unveil a concept car based on the eQ.
Financial terms are not expected to be disclosed. A Singulato source said the startup agreed to pay “several tens of millions of dollars” for eQ’s design. It plans to sell its first self-developed battery electric car called the iS6 this year, competing with models from rival startups like Nio and WM Motor as well as those from global automakers.Singulato’s version of the eQ will be a so-called connected car offering young buyers a host of entertainment, safety and navigation features. The car, which will be called the iC3, will also feature some self-driving technology.
According to the two Toyota sources, the deal is part of efforts to share more technology with China as the Japanese automaker seeks more growth in the world’s largest auto market by beefing up manufacturing capacity and distribution channels.Keen to combat smog, jump-start its own auto industry and lower reliance on imported oil, China is aggressively pursuing the adoption of electric cars.
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