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 organizations, is set to launch in December 2016.

In the development of EVs, the venture company will draw on the technological knowhow and resources of the Toyota Group. Its small organizational 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 gasoline-powered vehicles, making them, in TMC's view, ideal as a form of ‘ultimate eco-car'.

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