Toyota Confirms the Development of New Electric Vehicles

Just four employees make this team, all from a different branch of the Toyota Group’s suppliers and subsidiaries. New Toyota sub-company will have independent internal structures and be responsible for developing fast-to-market electric cars. This project is planned for December. Toyota confirmed the plans to launch an “in-house venture company” that will be in charge of developing electric vehicles. The automaker also said that it is launching a “virtual” company that will analyze and develop electric vehicles.

This kind of startup model within a corporation is used frequently in companies which are struggling in innovations. This team of four will involve a warm body from Toyota Motor,  Aisin Seiki, Denso and Toyota Industries that have the instructions to develop an EV which is going to give Tesla nightmares.

Toyota’s president, Akio Toyoda, said that “the venture company will embrace speed in its approach to work”. The company accepts the fact that this means swimming against the flow. In their release, the company stated that hydrogen is the superior technology in the long run because of its practical option of refueling. Also it acknowledges that the governmental efforts for cleaner cars and “global energy and infrastructure issues” mean that it can’t wait around.

Battery-powered vehicles will be developed and sold, meaning that they will work in markets where hydrogen’s a no go.