Toyota Motor Corporation has formed a joint venture with Mazda Motor Corporation and Denso Corporation to develop basic structural technologies for electric vehicles (EVs) with a view to reducing costs and development times.
Toyota and Mazda have previously pledged to deepen ties, in the fields of EV technology and advanced safety technology. Under the new joint venture – the three companies establishing a new company that will develop a diverse range of models including mini-vehicles, passenger vehicles, SUVs and light trucks.
The company is called EV Common Architecture Spirit Co. Ltd - owned 90 percent by Toyota while Mazda and Denso will each have stakes of five percent each.
The joint venture aims to improve the development process by combining the strengths of each company, including Mazda's bundled product planning and prowess in computer modeling-based development, Denso's electronics technologies with the Toyota New Global Architecture (TNGA) platform.
The new company will engage in the following activities:
The company will be staffed by approximately 40 employees including selected engineers from the three companies. The three companies also aim to create a business structure that is open to participation by other automakers and suppliers.