BYD, Toyota to set up research venture to develop electric vehicles

TOKYO/SHANGHAI (Reuters) - Chinese electric car maker BYD Co Ltd and Japan's Toyota Motor Corp said on Thursday they planned to set up a joint venture to design and develop battery electric cars as they ramp up efforts to produce zero emissions vehicles.The two companies said in a statement that they would each invest 50% of the capital needed to establish the company, which will be set up next year and be based in China. The companies did not disclose the value of the venture.Widely..