TOKYO (Reuters) – Toyota Motor Corp and auto-parts maker Denso Corp on Wednesday said they have agreed to set up a joint venture to develop next-generation automotive semiconductors as the industry moves toward connected and autonomous vehicles.
Denso, a Toyota Group supplier, will own 51% of the new company, with Toyota holding the remainder, the companies said in a joint statement.
They said they aim to establish the company in April 2020 with a capitalization of 50 million yen ($458,968) and about 500 employees.
