Toyota Motor Corporation (TMC) announced it had decided to establish an in-house venture company responsible for developing electric vehicles (EVs).

The venture company, which will be a virtual organisation consisting of four persons – one each from Toyota Industries, Aisin Seiki, Denso and TMC – and which will be independent of other internal structural organisations, is set to launch in December 2016.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In the development of EVs, the venture company will draw on the technological knowledge and resources of the Toyota Group. Its small organisational structure is meant to enable it to implement unconventional work processes, leading to accelerated project progress and, thus, fast to market products.

Based on its thinking to provide the right vehicle at the right place at the right time, TMC has long taken a multi-angled approach to introducing environment-friendly vehicles and has developed hybrid vehicles, plug-in hybrid vehicles, fuel cell vehicles (FCVs), EVs and others. It has put special focus on FCVs, which, in terms of cruising range, hydrogen fueling times and other aspects, offer convenience on par with that of current petrol-powered vehicles, making them, in TMC’s view, ideal as a form of “ultimate eco-car”.

However, differing energy and infrastructure issues around the world and the rapid strengthening of regulations aimed at increasing the use of zero emission vehicles have heightened the need for product lineups that can respond to various situations. As such, along with its promotion of FCVs, TMC has decided to create a structure that will allow it to commercialise EVs at an early stage, as an alternative means of achieving zero emissions.

TMC president Akio Toyoda 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, made Daihatsu a fully owned subsidiary and have begun work to established 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.”

Toyota to up investment in EVs