Toyota sells its technology to Singulato
The automaker has made its first deal with a Chinese electric vehicle startup, selling its electric car technology to Singulato, in exchange for preferential rights to purchase green-car credits as Singulato will generate them under China’s new quota system for all-electric and plug-in hybrid vehicles.
Toyota sells electric vehicle technology to a Chinese startup Singulato, stocks rise 0.4%.
Stocks impacted: Toyota Motor Corp. (TYT)
The Chinese firm will acquire a license to use the design of Toyota’s eQ. According to the Singulato Chief Executive Shen Haiyin, this deal gives them a way to save on time and costs to develop a reliable car and focus on what they excel in. The deal is due to be announced on Tuesday at the Shanghai auto show, where Singulato will unveil a concept car based on the battery electric microcar.
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