Tokyo — Toyota is establishing a new venture to develop electric vehicle technology with partner Mazda, seeking to catch up with rivals in an increasingly frenetic race to produce more battery-powered cars. Policy makers in key markets like China are aggressively pushing a shift to electric cars over the next two to three decades, pressuring traditional car makers to crank up their electric vehicle (EV) plans — just as declining battery costs enable more power to be packed into cars. Toyota said in a statement that the new company would develop technology for a range of electric cars, including minivehicles, passenger cars, sport utility vehicles (SUVs) and light trucks. Toyota will take a 90% stake in the joint venture, called EV Common Architecture Spirit Company, while Mazda and Denso, Toyota’s biggest supplier, will each take a 5% stake. The plans build on a partnership announced in August when Japan’s biggest car maker agreed to take a 5% stake in Mazda and two said they would ...
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