Toyota Motor Corporation (TMC) has made plans to establish an in-house venture company responsible for developing electric vehicles.

The venture company will be a virtual organisation consisting of four people, each from a different subsidiary of TMC.

It will draw on the technological know-how and resources of the Toyota group to develop electric vehicles. Its small structure is designed to help it implement unconventional work processes, leading to accelerated project progress and, thus, fast-to-market products.

TMC President, Akio Toyota, said, “Over these past few years, which we have positioned as years for strengthening our planting of seeds for the future, we have taken such measures as establishing the Toyota Research Institute, making Daihatsu a fully owned subsidiary and beginning work to establish an internal company responsible for compact vehicles for emerging markets. The new organisational structure for electric vehicles is a part of this effort.

“As a venture company that will specialise in its field and embrace speed in its approach to work, it is my hope that it will serve as a pulling force for innovation in the work practices of Toyota and the Toyota Group.”

The in-house venture company will be launched in December.