Toyota and three other companies are joining forces to form a corporation that will build the next generation of electric vehicles.
Aisin Seiki Co. Ltd, Denso Corporation and Toyota Industries are joining the Toyota Motor Company in this venture, which will see the virtual organisation be made up of one director from each company.
With the small business structure and independence from any interference, the company hope to draw on all the technological know-how and get the products to market faster thanks to unconventional procedures. This venture will work alongside Toyota's current research into environmentally friendly vehicles and the development of hybrids, plug-in hybrids, fuel cell vehicles and EVs.
However, with the main Toyota brand focusing on other environmental options, this new company will be aimed towards creating and developing EVs.
TMC president Akio Toyota said:
"Over these past few years, which we have positioned as years for strengthening our planting of seeds for the future, we have taken such measures as establishing the Toyota Research Institute, making Daihatsu a fully owned subsidiary and beginning work to establish an internal company responsible for compact vehicles for emerging markets. The new organisational structure for EVs is a part of this effort.
As a venture company that will specialise in its field and embrace speed in its approach to work, it is my hope that it will serve as a pulling force for innovation in the work practices of Toyota and the Toyota Group."