The news that China’s BYD and Toyota will work together on EVs is an admission by the world’s largest car maker that it has completely missed the mark on its CO2 reduction strategy – so badly that it may end up in thrall to the Chinese battery giant, and unable to remain at number 1 globally unless it makes urgent changes now, which it cannot source internally. For people that have dealt with Japanese conglomerates, this is a massive cultural admission of defeat, and the company would never make such an announcement unless it was entirely necessary. But when you sit down to plan the transition of around 8.8 million (it used to be 10.5 million) cars a year from…