Mazda and Toyota are joining with Denso Corporation to form a new company that will develop electric vehicle technologies. The plans build on a partnership announced in August when Toyota agreed to take a 5 percent stake in Mazda and the two said they would jointly develop affordable electric vehicle technologies. The new company is called EV Common Architecture Spirit Co Ltd., and Toyota will own 90 percent, while Mazda and Denso will each have a 5 percent share. Vehicles produced through the new company will use Toyota’s modular platform architecture. Everything from small cars to SUVs are planned, according to the news release.
Toyota Chairman Akio Toyoda had this to say about the deal: “This is a partnership in which those who are passionate about cars will work together to make ever-better cars. It is also the realization of our desire to never let cars become commodities.” U.S. Toyota spokesman Aaron Fowles said the company expects to “achieve innovative and efficient development of technology for basic structure and concepts for EVs” and that the companies involved in this project “plan to utilize this technology to respond rapidly to regulatory and market trends in each country.”