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 authorized to speak on the matter.
