Toyota Motor Corp. has formed an in-house venture company that will begin developing a battery-electric vehicle for a company known as a hybrid pioneer starting in December, Toyota has announced.
The venture will include one representative each from Toyota Industries Corp., Aisin Seiki Co., Denso Corp., and Toyota Motor. Toyota Industries produces the RAV4 and Yaris, while Aisin Seiki developed the transmission for the Prius. Denso is the world's No. 2 parts supplier.
Toyota formed the unit with a smaller organizational structure to "enable it to implement unconventional work processes, leading to accelerated project progress and, thus, fast-to-market products," according to the company.
Toyota will continue to promote fuel-cell vehicle technology and its hydrogen-powered Mirai sedan, as well as hybrids and plug-in hybrids.
"Differing energy and infrastructure issues around the world and the rapid strengthening of regulations aimed at increasing the use of zero-emission vehicles have heightened the need for product lineups that can respond to various situations," the company said about its reason for developing an EV.