Toyota and Mazda have formed a new joint venture devoted to the development of plug-in electric vehicle tech, with the intent being to “catch up” to rivals, according to recent reports.
The technology developed by Toyota’s and Mazda’s new joint venture will reportedly end up being used in a variety of different electric vehicle types — including cars, SUVs, light-duty trucks, and “mini-vehicles” — going by a public statement issued by Toyota.
Toyota will be the main driver in the joint venture, as the company will take a 90% stake in it, with Mazda and Denso Corp each taking only 5% stakes. The new joint venture, it should be noted, is named EV Common Architecture Spirit Co Ltd.
“The plans build on a partnership announced in August when Japan’s biggest automaker agreed to take a 5% stake in Mazda and the two said they would jointly develop affordable electric vehicle technologies,” Reuters notes. To read our coverage of that story, see: “Toyota & Mazda Partnering For New Assembly Facility In US & EV Tech.”
“Although Toyota is providing most of the financial firepower and existing EV know-how, Mazda’s engineers have gained the admiration of the industry with break-through technologies such as its compression ignition engine announced last month,” Reuters adds. For more on that topic, hop over to sister site Gas2‘s January article on the tech.
“After years of focusing on bringing hydrogen fuel cell vehicles to the market, Toyota last year set up a division to develop electric cars which is led by President Akio Toyoda, and said it plans to introduce EVs in China in the coming years.”
That division (the one created by Toyota President Akio Toyoda) will reportedly continue onwards as its own separate entity from the new joint venture. Though, sharing of tech will occur, according to a company spokesperson.
Related:
Toyota Chairman Doesn’t Get It — Still Asleep On Electric Cars
Toyota CEO Sounds Ambivalent About EVs, But EV Plans Still On Track
Toyota Intends To Begin Mass Production Of EVs By 2020, Nikkei Asian Review Reports
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