Toyota, Mazda set up venture to develop electric vehicle technology
Toyota, Mazda set up venture to develop electric vehicle technology
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29 September, 2017, 01:58
Toyota will take a 90 per cent stake in the joint venture, called EV Common Architecture Spirit Co Ltd, while Mazda and Denso Corp, Toyota's biggest supplier, will each take 5 per cent.
According to the partners, this includes kei cars, regularly-sized passenger cars, crossovers, SUVs and light trucks.
The deal comes shortly after Toyota took a five percent stake in Mazda in August and announced plans to develop new technologies.
TOYOTA CITY, Japan-As countries around the world prepare to clamp down on traditional vehicles, Toyota Motor Corp. and Mazda Motor Corp. are joining forces on electrics.
Mazda and Toyota say they made a decision to form a partnership in order to deal with "new regulations that mandate a certain proportion of electric vehicle sales", but also acknowledging as "EVs [have] 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". Japanese auto giant Toyota announced today that it has teamed up with Mazda and supplier Dense for technology development for electric cars.
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Under the agreement, Toyota will take a 5.05 percent stake in Mazda for ¥50 billion ($442 million) and Mazda will buy a 0.25 percent stake in Toyota equivalent in value to the Mazda shares. Toyota has cited affordability and the limited range of battery-operated cars as obstacles to the mass popularization so far. "We (Toyota and Mazda) need to cooperate and compete with them". BMW, Mercedes-Benz and Volkswagen were among the makes rolling out ambitious plans to unleash waves of EVs over the coming years. Toyota shares were flat. China's move follows similar moves by Great Britain and France.
Terashi was tapped to head the new venture as president. That level would rise to 12 percent for 2020. Tesla, the rival of Toyota is leading in the production of these cars.
However, global automotive manufacturers wrote to Chinese authorities in June, urging a softening of the proposals for all-electric battery vehicles and electric plug-in hybrids.
The broader measures supporting NEV sales will be effective starting April 1, 2018, the ministry added.
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