Toyota has launched a new company dedicated to electric vehicles (EVs) development together with Mazda and parts manufacturers Denso.
The new company, called EV C.A. Spirit, will focus on streamlining component manufacturing and engage in their testing as part of whole vehicles.
The company holds a capital of ¥10m (£66,300) with an equity share of 90% for Toyota and 5% for both Mazda and Denso. Its first 40 employees will come from selected engineers at the three companies.
The companies said they “also aim to create a business structure that is open to participation by other automakers and suppliers”.
Toyota and Mazda had already signed a cooperation agreement for the development of EV in August. Toyota had also sold its shares in US manufacturer Tesla last June, after forming its own EV development unit in November 2016.