Toyota, Mazda set up venture to develop electric cars

Toyota Motor Corp and Mazda Motor Corp said on Thursday they were forming a joint venture to develop electric cars, seeking to catch up with global rivals in the market for battery-operated vehicles.

Toyota said in a statement they would set up a company with Denso Corp, Toyota's biggest supplier, which will develop a range of electric cars, including minivehicles, passenger cars, SUVs and light trucks.

Toyota will take a 90 percent stake in the company, called the EV Common Architecture Spirit Co Ltd, while Mazda and Denso will each take a 5 percent stake.

Follow Emirates 24|7 on Google News.