Producer of bestselling hybrid vehicle Prius steps up efforts to develop clean technologies
TOKYO: Japanese auto giant Toyota said on Thursday it was teaming up with Mazda and parts-maker Denso in a new joint venture to develop electric vehicles.
The move came as Toyota, producer of bestselling hybrid vehicle Prius, steps up efforts to develop clean technologies, including electric vehicles and plug-in hybrid systems that use both petrol and electricity as energy sources.
Joint research — sharing cost, engineers and knowledge — is necessary to meet increasingly stringent but varying environmental standards around the world, the three firms said in a joint statement.
“With (electric vehicles) yet to find widespread market acceptance, the huge investments and time required to cover all markets and vehicle segments is a pressing issue for individual automakers,” the statement said.
Toyota will take a 90-percent stake in the venture, to be launched next month in the central city of Nagoya, near the automaker’s headquarters.
Toyota and Mazda agreed in August to a capital tie-up to facilitate joint development of electric vehicles.
Meanwhile, Royal Dutch Shell is working on developing new energy technologies like ‘smart’ electric vehicle charging and models to reduce customers’ energy use.
Shell intends to invest up to $1 billion a year through its New Energies division by the end of the decade as the oil company adjusts to an energy market that is moving toward more electrification, decentralized energy use and cleaner fuels.
Investment bank Goldman Sachs has predicted that oil demand could peak as early as 2024 due to the roll out of electric vehicles, lower economic growth, plus rising fuel prices.