Exclusive: 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.

"We have a century's lead in automotive technology, but we also need to be humble enough to learn from newcomers." 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. Toyota sold about 100 eQ cars in 2012 and then discontinued it due to concerns over the limits of EVs, including their high price tags, short driving range and long charge time. But Singulato believes technological advances, especially in batteries, have made the car much more marketable.

A carmaker that fails to achieve its quotas will have to acquire NEV points from an automaker with surplus credits or face penalties.

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Views: Tackle electric vehicles woes then promote autonomous vehiclesIf there is a time for autonomous vehicles (AVs) to take off, it is now. For the second year running, Singapore is ranked second in the world behind the Netherlands in being ready to embrace AVs in the 2019 KPMG's Autonomous Vehicle Readiness Index (AVRI). The...
Source: thenewpaper - 🏆 7. / 63 Read more »

Commentary: Where are all the electric vehicle charging points?Accessible infrastructure and incentives for drivers can push more to choose electric vehicles, says Sustainable Energy Association of Singapore’s ... We need more charging points as well as huge government incentives and support for EVs.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Exclusive: US lawmakers introduce bill to boost electric car tax creditsA bipartisan group of U.S. lawmakers will introduce legislation on Wednesday to expand the electric vehicle tax credit by 400,000 vehicles per ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

In quest for electric supercars, engineers head to start-upsRene-Christopher Wollmann, head of Mercedes-AMG's 2.75 million euros Project One supercar programme, has moved to a job at Automobili Pininfarina ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »