MAY 2024 updateIt has been reported that Toyota will use BYD...

MAY 2024 update
It has been reported that Toyota will use BYD DM-i HYBRID system for the next three years.

That system includes a Chinese-manufactured 1.5L turbo 4-cylinder making 74kW[100hp]/126Nm and an EHS120 electric motor with maximum power of 120 kW and torque of 210 Nm. Electric-only reported 43 miles.

That would be 62% of propulsion power and torque from the electric motor.

https://www.carsguide.com.au/car-news/if-you-cant-beat-them-toyota-to-use-byds-plug-in-hybrid-tech-for-new-models-coming-in-the

And for those interested, here is another look at the numbers including options I didn't mention, e.g., higher power electric motors option push power to equivalence with 2.0T ICE.
https://cleantechnica.com/2024/05/21/byd-presents-seal-u-dm-i-ideal-for-eco-conscious-mobility-long-range-journeys/

The rise of PHEV hybrids in China is now a certainty, in my opinion. Previously one might find it impossible to get a registration in any Chinese city for any vehicle other than a BEV, but both manufacturing and the motor/battery metal resources remain bottlenecks and the CCP wants the global market to open up and this is going to do it. They can make at least twice as many cars this way and the battery can be much smaller.

Current BYD Seal https://gadgetsmagazine.com.ph/mobility/cars/byd-sealion-6-dm-i-compact-suv

Toyota will be selling their BYD JV car GLOBALLY (perhaps not US) through their massive sales network. The Big Three in America did something very similar for Japan by increasingly incorporating Japanese-sourced components that soon proved to be better than the American versions. Just ask Deming how that happened. https://deming.org/deming-the-man/

Tidbit: Byd has 700,000 employees; it's a juggernaut. https://electrek.co/2024/05/29/byds-workforce-nearly-doubles-toyotas-ev-sales-surge/

My original thinking was that CCP would demand any Toyota-Byd JV be built with REEs secured/sourced by Toyota, which would be a boon to Lynas, but I don't believe that will be the case for the next three years; I think it remains a certainty, however.

BOTTOM LINE: The fruits of the Toyota/BYD JV aka BTET have taken longer than I thought it would but it's happening.