Toyota sells electric vehicle technology to Chinese startup Singulato

New concept: Singulato workers unwrapping a concept car, dubbed the iC3, which is based on a discontinued EV of Toyota, in preparation for the upcoming auto show in Shanghai on Sunday. — Reuters

BEIJING: Toyota Motor Corp has agreed to sell electric car technology to Singulato, its first deal with a Chinese electric vehicle (EV) startup, allowing the fledgling firm to speed up development of a planned 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.