Toyota and Mazda are making a new company to develop electric cars

More automakers are partnering in preparation for an electric car future. Mazda and Toyota are next, joining with Denso Corporation to form a new company that will develop electric vehicle technologies.

The deal, announced today, comes about a month after Toyota said it would take a 5 percent stake in Mazda and that the two would pursue electric vehicles and necessary research and development, along with other automotive strategies together. The new company is called EV Common Architecture Spirit Co Ltd., and Toyota will own 90 percent, while Mazda and Denso will each have a 5 percent share.

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