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Toyota Joins Mazda & Denso in EV Venture
Toyota has formed a joint venture with Mazda and Denso Corporation to develop basic structural technologies for electric vehicles (EVs). The three companies are establishing a new company, called EV Common Architecture Spirit Co. Ltd, that will develop a diverse range of models, from mini-vehicles to passenger vehicles, SUVs and light trucks to ensure flexible and rapid response to market trends.
Toyota said the joint technological development project would ensure efficient development processes, and take advantage of existing production facilities.
The company added that new regulations, that mandate a certain proportion of electric vehicle sales, are beginning to emerge as countries adopt policies to help reduce greenhouse gases. Complying with these regulations, while ensuring sustainable growth, required the development of a wide range of powertrains and technologies.
“We regard electric vehicles (EVs) as a key technological field in this process alongside fuel-cell vehicles,” Toyota said in a statement. “With EVs yet to find widespread market acceptance, the huge investments and time required to cover all markets and vehicle segments is a pressing issue for individual automakers when responding to the widely varying demand for vehicles around the world.
“The new company aims to innovate the development process by combining the strengths of each company, including Mazda’s bundled product planning and prowess in computer modelling-based development, Denso’s electronics technologies, and the Toyota New Global Architecture (TNGA) platform.”
The new company will initially have approximately 40 employees.