SHENZHEN - China's leading new energy vehicle manufacturer BYD announced Thursday that it will start up a 50-50 joint venture (JV) company with Toyota to develop battery electric vehicles (BEVs).

It came from a partnership between the two automakers formed in July to co-develop BEVs and car batteries.

The two sides will own a 50-percent stake respectively in the JV and send staff to set up the new company, which is expected to focus on the research and development of BEVs, auto parts and production platforms.

The JV will be founded in 2020 in China.