Mazda Motor Corporation (MZDAY), Denso Corporation (DNZOY), and Toyota Motor Corporation (TM) signed a contract to jointly develop basic structural technologies for electric vehicles.

Furthermore, the three companies have also decided to establish a new company consisting of selected engineers from the three companies to ensure the efficient implementation of the joint technological development projects. Mazda, Denso, and Toyota have decided to jointly develop basic structural technologies for EVs capable of covering a wide variety of vehicle segments and types to ensure flexible and rapid response to market trends.

This agreement covers a diverse range of models, from minivehicles to passenger vehicles, SUVs, and light trucks, and aims to innovate the development process by combining the strengths of each company, including Mazda's bundled product planning and prowess in computer modeling-based development, Denso's electronics technologies, and the Toyota New Global Architecture platform.

The new company will engage in the following: Research into the characteristics that define optimum performance and functions of EVs from the standpoint of both individual components and the whole vehicle Verification of component installation and vehicle performance realized by the characteristics achieved in item 1) Examination of the optimum concept for each car classification with regard to each component and each type of vehicle realized by achieving items 1) and 2). Through this joint technological development project, by dedicating an equal amount of development resources, ensuring efficient development processes, and taking advantage of existing production facilities, Mazda and Toyota intend to focus their resources on fundamental vehicle values to enable the creation of appealing EVs that embody the unique identities of each brand and avoid the commoditization of EVs.

The companies also aim to create a business structure that is open to participation by other automakers and suppliers. Toyota will take a 90% stake in the joint venture, called EV Common Architecture Spirit Co Ltd, while Mazda and Denso Corp, Toyota's biggest supplier, will each take 5%.