Author / Chen Jia

Produced by / Insight Auto

In February 2026, BYD Toyota Electric Vehicle Technology Co., Ltd. (BTET) witnessed a significant executive shake-up. Technical veteran Shu Youxing stepped down as director, with capital strategist Li Qian swiftly stepping in to take the reins. This transition marked not just a personnel change but a strategic shift for the Sino-Japanese joint venture, moving from a focus on 'technical integration' to 'capital-driven expansion.' As a 50-50 joint venture between Toyota and BYD, BTET launched its bZ3 model six years after establishment. However, the model has struggled in the market, with monthly sales languishing at just a thousand units.

This leadership overhaul directly tackles key challenges: the technical integration of BYD's Blade Battery with Toyota's stringent quality standards has reached a plateau. To break through, capital infusion and global market penetration have become imperative. The executive reshuffle is set to redefine Sino-Japanese automotive collaboration, potentially reshaping the global electrification landscape.

Executive Reshuffle

Capital Strategist Steps Up

The transition from Shu Youxing to Li Qian reflects the joint venture's evolving needs. Shu Youxing, a BYD technical stalwart with 27 years of experience, oversaw the company's transformation from a battery manufacturer to an automotive powerhouse. He championed the technical integration of BYD's Blade Battery, e-platform, and Toyota's QDR system, setting a solid foundation for the bZ3 model.

Despite an initial sales surge, the bZ3's monthly sales dwindled to 1,000-1,500 units in 2025, lagging far behind competitors. Technical refinements alone were insufficient to reverse the trend. Li Qian's appointment addresses the capital gap. A 21-year BYD capital operations veteran, Li Qian led landmark financing projects, including BYD's $5.6 billion H-share accelerated placement, and boasts access to top-tier global capital resources.

With an economics background, an EMBA degree, and stints at PwC and ZTE, Li Qian brings expertise in industrial chain integration and overseas expansion. BTET now urgently needs a capital engine to fuel new model R&D, coinciding with Toyota's 2026 launch of five pure electric models, and to accelerate overseas localization, mirroring BYD's factory models in Thailand and Hungary. Li Qian's role is pivotal in transforming BTET from a 'technology R&D platform' into a 'capital + technology dual-driven global entity.'

Joint Venture 3.0 Era

Sino-Japanese Automakers Vie in Electrification Race

This leadership change signals the dawn of the 3.0 era in Sino-Japanese automotive collaboration. Traditional joint ventures often followed a 'market-for-technology' model, but BTET is pioneering a new approach: BYD contributes cutting-edge electric technologies, Toyota provides quality standards and global distribution channels, and Li Qian injects capital operation prowess.

Together, they form a closed loop of 'technology foundation, capital acceleration, and market expansion.' This mirrors the logic behind Nissan-Dongfeng's joint export venture, underscoring China's transition from a 'foreign investment production base' to a 'global export hub.'

For both partners, this collaboration is a make-or-break endeavor. Toyota's 2026 full-scale electrification offensive aims for 3.5 million global pure electric sales by 2030, with BTET as the core R&D platform. Li Qian's role is crucial in driving technological capitalization and capacity expansion. Meanwhile, BYD's 178% overseas sales growth in 2025 necessitates a capital strategist to orchestrate global resource integration.

More critically, with China's new energy vehicle penetration surpassing 50% and rivals like Tesla and Xiaomi gaining ground, the joint venture must accelerate its transformation to avoid being relegated to the sidelines. The rationale behind this personnel adjustment mirrors global automotive industry restructuring: technology lays the groundwork, capital determines the scale, and global deployment shapes the final outcome.

Li Qian's appointment signifies not just a breakthrough for BYD Toyota but also a testament to Chinese automakers' evolution from 'technology exporters' to 'capital empowerers.' Over the next three years, with solid-state battery technology nearing commercialization and overseas capacity expansion underway, this Sino-Japanese joint venture experiment could redefine the rules of global electric vehicle market competition.

END