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Toyota, Mazda form electric car technology venture

TOKYO — Toyota has established 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. Policymakers in key markets like China are pushing a shift to electric cars over the next two to three decades, while relatively new rival Tesla is gaining momentum and diesel cars are going through the fallout of the Volkswagen diesel scandal, pressuring traditional automakers to crank up plans for fully electric vehicles (EVs). At the same time, declining battery costs are enabling more power to be packed into cars, making an electric car future easier to imagine. Toyota said in a statement the new company will develop technology for a range of electric cars, including mini vehicles, passenger cars, SUVs and light trucks. Toyota will take a 90 percent 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 percent. The plans build on a partnership announced in August when Japan's biggest automaker agreed to take a 5 percent stake in Mazda and two said they would jointly develop affordable electric vehicle technologies. Although Toyota is providing most of the financial firepower and existing EV know-how, Mazda's engineers have gained the admiration of the industry with breakthrough technologies such as its compression ignition engine announced last month. Shares in Mazda surged to end the day 3 percent higher, while those in Denso rose 1.8 percent. Toyota shares were flat. Both automakers are somewhat behind rivals, with neither having a fully electric passenger car on the market yet. After years of focusing on bringing hydrogen fuel cell vehicles to the market, Toyota last year set up a division to develop electric cars which is led by President Akio Toyoda, and said it plans to introduce EVs in China in the coming years. Toyota has also announced it will bring a game-changing solid-state EV battery to market by 2022. That division would continue as a separate entity from the new joint venture, a Toyota spokeswoman said, while adding that the two teams would co-operate on technology development. Mazda has an R&D budget a fraction of Toyota's, which has made it difficult to develop electric cars on its own. Even so, it has said it plans to launch EVs in 2020.

Toyota cuts global production in April by 17%

TOKYO — Toyota is cutting its global production target in April to 750,000 vehicles, down 150,000 from an earlier plan, the automaker said on Thursday, as a semiconductor shortage and the COVID-19 pandemic bite into its plans. The news comes about a week after Toyota said it would scale back domestic production by up to 20% during the months of April, May and June to ease the strain on suppliers battling shortages of chips and other parts. "It is still difficult to foresee the situation several months ahead, and there is a possibility the current plan will be revised downward," the company said in a statement. Average monthly global production for the period from April to June would be about 800,000, Toyota added. Its global vehicle production will be down 10% in May and 5% in June from previous estimates at the beginning of the year, said Toyota executive Kazunari Kumakura. The shortages have led the automaker to repeatedly change its production plan, frustrating suppliers and prompting President Akio Toyoda to call the interval from April through June an "intentional cooling off" period. Apart from the persistent chips shortage, Toyota faces a number of challenges. Curbs against COVID-19 forced it to suspend a joint venture with China's FAW Group in the northeastern city of Changchun. The automaker also cited logistical hurdles for suspension at a plant in Russia amid political uncertainty sparked by the Ukraine invasion, which Russia calls a special operation. These factors were not reflected in the April-June global production plan, Kumakura said, adding that while Toyota had not yet suffered specific impacts from the Ukraine crisis, it would look into short- and long-term risks. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Plants/Manufacturing Lexus Toyota coronavirus chip shortage