September 28, 2017 1:59 pm JST  (Updated September 28, 2017 3:58 pm JST)

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.

(Nikkei/NQN)

Toyota Motor Corp.

Japan

Market(Ticker): TKS(7203)
Sector:
Industry:
Consumer Durables
Motor Vehicles
Market cap(USD): 201,390.85M
Shares: 3,262.99M

Mazda Motor Corp.

Japan

Market(Ticker): TKS(7261)
Sector:
Industry:
Consumer Durables
Motor Vehicles
Market cap(USD): 8,897.62M
Shares: 631.80M

DENSO Corp.

Japan

Market(Ticker): TKS(6902)
Sector:
Industry:
Producer Manufacturing
Auto Parts: OEM
Market cap(USD): 40,193.60M
Shares: 794.06M

Aisin Seiki Co., Ltd.

Japan

Market(Ticker): TKS(7259)
Sector:
Industry:
Producer Manufacturing
Auto Parts: OEM
Market cap(USD): 15,877.09M
Shares: 294.67M

Toyota Industries Corp.

Japan

Market(Ticker): TKS(6201)
Sector:
Industry:
Producer Manufacturing
Auto Parts: OEM
Market cap(USD): 19,998.68M
Shares: 325.84M

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