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Toyota, Mazda, Denso to set up electric vehicle joint venture, say sources

Toyota said it has been conducting various studies with Mazda to boost their alliance

Reuters  |  Tokyo 

electric car
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Motor Corp, Motor Corp and parts maker Corp are planning to set up a joint venture to develop electric vehicles, sources familiar with the matter said.

Toyota, Japan's biggest automaker, agreed to take a five percent stake in smaller rival in August and the two have flagged plans to jointly develop electric vehicle technologies.

A formal announcement on the joint venture will be made later in the day, the sources said, declining to be identified as they were not authorised to discuss the matter publicly.

Global automakers are accelerating their efforts to develop as policymakers in key markets like China demand they shift their product lines to these cars over the next two to three decades.

said it has been conducting various studies with to boost their alliance. A spokesman declined to comment. said nothing had been decided yet.

Shares in were up three per cent in morning trade, while those in were up 1.8 per cent. shares were flat.

First Published: Thu, September 28 2017. 10:40 IST