ArrowArtboardCreated with Sketch.Title ChevronCrossEye IconIcon FacebookIcon LinkedinShapeCreated with Sketch.Icon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter

Toyota, Mazda, Denso creating company to hasten electric car development

Japanese automakers eager to begin rolling out models in 2019

TOKYO -- Toyota MotorMazda Motor and Denso on Thursday announced they are jointly setting up EV C.A. Spirit, a company to promote the development of electric vehicles.

Toyota will own a 90% stake in the company. Mazda and Denso will equally split the remainder. EV C.A. Spirit will be capitalized at 10 million yen ($88,386).

Toyota and Mazda in August announced a capital tie-up, saying each would allocate 50 billion yen to develop core electric car technologies and control systems. The two automakers also agreed to spend $1.6 billion to build a new plant in the U.S.

Teaming up with Denso -- the country's largest autoparts maker -- will help accelerate development of production model electric cars. Mazda and Toyota plan to release these models in 2019 and 2020, respectively.

Denso's strength lies in manufacturing key components vital to auto electrical systems, including electric cars, such as inverters for hybrid cars. The company is also expected to develop efficient air conditioners for electric cars, which cannot make use of engine heat.

Denso is sending personnel to Toyota's EV Business Planning Dept., established last December, along with autoparts maker Aisin Seiki and machinery maker Toyota Industries.

Toyota's affiliated autoparts makers are also joining hands with Denso to promote electric car development.


You have {{numberReadArticles}} FREE ARTICLE{{numberReadArticles-plural}} left this month

Subscribe to get unlimited access to all articles.

Get unlimited access
NAR site on phone, device, tablet

{{sentenceStarter}} {{numberReadArticles}} free article{{numberReadArticles-plural}} this month

Stay ahead with our exclusives on Asia; the most dynamic market in the world.

Benefit from in-depth journalism from trusted experts within Asia itself.

Try 3 months for $9

Offer ends September 30th

Your trial period has expired

You need a subscription to...

See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

See all offers
NAR on print phone, device, and tablet media