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© ginasanders dreamstime.com Electronics Production | November 25, 2016

Toyota set up in-house venture company for EV development

Toyota Motor Corporation (TMC) has decided to establish an in-house venture company responsible for developing electric vehicles (EVs).
The venture company, which will be a virtual organization consisting of four persons – one each from Toyota Industries Corporation, Aisin Seiki Co., Ltd., Denso Corporation and TMC – and which will be independent of other internal structural organisations, is set to launch in December 2016.

In the development of EVs, the venture company will utilise technological knowhow and resources within the Toyota Group. Its small organizational structure is meant to enable it to implement unconventional work processes, leading to accelerated project progress and with that, fast-to-market products.

TMC President Akio Toyoda, commenting on the establishment of the virtual venture company, 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 establish an internal company responsible for compact vehicles for emerging markets. The new organizational structure for EVs is a part of this effort. As a venture company that will specialize 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."

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