Toyota sells EV technology to Chinese startup Singulato
Toyota Motor 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 IC3 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.
In particular, Singulato will acquire a license to use the technology of Toyota's eQ - a Toyota battery electric microcar.
The deal is due to be announced at the Shanghai auto show, where Singulato will unveil a concept car based on the eQ.
Singulato plans to redesign the car, tailoring it to local tastes to come up with a model by early 2021 that is more affordable and offers a longer driving range than eQ.