Toyota Motor Corp. is establishing a new venture to develop electric vehicle technology with partner Mazda Motor Corp., seeking to catch up with rivals in an increasingly frenetic race to produce more battery-powered cars.
Toyota Motor Corp. is establishing a new venture to develop electric vehicle technology with partner Mazda Motor Corp., seeking to catch up with rivals in an increasingly frenetic race to produce more battery-powered cars.
Policymakers in key markets like China are aggressively pushing a shift to electric cars over the next two to three decades, pressuring traditional automakers to crank up their electric vehicle (EV) plans — just as declining battery costs enable more power to be packed into cars. Toyota said in a statement the new company will develop technology for a range of electric cars, including minivehicles, passenger cars, SUVs and light trucks. Toyota will take a 90 percent stake in the joint venture, called EV Common Architecture Spirit Co.
