Toyota, Mazda, Denso to form joint venture to develop electric vehicles

Tomohiro Ohsumi | Getty Images

Toyota President Akio Toyoda nd Mazda President and CEO Masamichi Kogai at a joint press conference on August 4, 2017 in Tokyo, Japan.

Toyota, Mazda and Toyota-affiliated parts maker Denso are planning to set up a joint venture to develop electric vehicles, Japanese public broadcaster NHK reported on Thursday.

Toyota said it had no immediate comment, while a Denso spokesman declined to comment. Mazda said nothing had been decided yet.