Toyota sells electric vehicle technology to Chinese startup Singulato

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. 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.

“With electrification, autonomous driving and car-sharing shaking up the industry, old ways need to be re-examined,” one of the Toyota sources said, declining to be identified as he was not authorised to speak on the matter.

“We have a century’s lead in automotive technology, but we also need to be humble enough to learn from newcomers.”