Toyota to launch new company to develop electric vehicles
Reports in Japanese newspaper Nikkei claimed Toyota will launch long-range EVs from start of the next decade
Toyota Motor Corp is set to launch a new startup company this December to develop electric vehicles.
The company, which is yet to be named, will begin work in two weeks' time with the aim of fast-tracking Toyota EV models to the market. It will be comprised of just four employees but will have access to the tools and information of Toyota's main brand.
No timescale for when the first Toyota EV would arrive has been revealed, but Japanese newspaper Nikkei claimed last week that Toyota would bring its first EV to market by 2020. It said the model, and following Toyota EVs, would be capable of travelling more than 186 miles on a single charge.
Toyota said today: "[The new company] will draw on the technological knowhow and resources of the Toyota group to develop EVs, leading to accelerated project progress and thus fast-to-market products". This suggests Toyota's EV models could be built upon existing vehicle architecture.
The Japanese manufacturer has previously said that hydrogen fuel cell power is its primary choice for zero-emission models, and its Mirai was the first vehicle of this type to go on sale in Britain.
However, Toyota admits a lack of hydrogen infrastructure in several of the world’s global markets and expensive production costs mean more conventional EVs are the more economically viable option for now.
Toyota president Akio Toyoda said of the announcement: “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.”
RELATED ARTICLES
US tariffs will hurt both automakers and US manufacturing: ACEA
European Automobile Manufacturers’ Association says that the EU and the US must engage in dialogue to find an immediate ...
Trump levies 25% tariff on all cars imported to US
President Donald Trump claims new levy on all cars and car parts shipped into the country will create "tremendous growth...
Hyundai opens its third factory in the US: Metaplant America
Hyundai Motor Group Metaplant America's vehicle assembly and battery plant is the key pillar of the Hyundai Motor Group’...