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Chinese electric vehicle manufacturers BYD and Japanese Toyota Motor (7203. T) said Thursday they plan to form a joint venture to develop electric vehicles. At present, automobile manufacturers are increasing their efforts to produce zero emission vehicles.
The two companies said in a statement that they would each contribute 50 per cent and would form a joint venture next year, headquartered in China.
The joint venture plans to develop cars powered only by batteries, not hybrids.

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