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Toyota, Mazda set up venture to develop electric cars
[TOKYO] Toyota Motor Corp and Mazda Motor Corp said on Thursday they were forming a joint venture to develop electric cars, seeking to catch up with global rivals in the market for battery-operated vehicles.
Toyota said in a statement they would set up a company with Denso Corp, Toyota's biggest supplier, which will develop a range of electric cars, including minivehicles, passenger cars, SUVs and light trucks.
Toyota will take a 90 per cent stake in the company, called the EV Common Architecture Spirit Co Ltd, while Mazda and Denso will each take a 5 per cent stake.