Investing.com - Toyota Motor Corp (TYO:7203) has partnered with Daihatsu and Suzuki Motor Corp. (TYO:7269) to create a compact, battery-powered electric van designed specifically for Japan's bustling delivery sector. The announcement was made alongside the G7 summit held in Hiroshima on May 18.
The upcoming commercial vehicle will feature a battery electric system jointly developed by Toyota, Daihatsu, and Suzuki Motor Corp. Each automaker will release their own branded version of the vehicle. With an expected range of approximately 200 km (124 miles) per charge, these vans are scheduled for release by the end of the current financial year ending March 31, 2024.
Daihatsu, which joined forces with Toyota as a subsidiary back in 2016, is responsible for manufacturing these innovative vehicles. Marketed as "kei" vehicles known for their low power consumption and reduced taxation rates within Japan; they have quickly gained popularity among businesses and households alike.
These micro kei vehicles play a crucial role in delivering agricultural products, parcels, and other goods across urban areas and rural landscapes throughout Japan due to their affordability. As recent data from Japan's transport ministry reveals that kei models make up around forty percent of all four-wheel vehicles owned within the country at February's end.
This year's G7 meeting has placed great emphasis on reducing emissions – making this collaboration between Toyota (which owns a minority stake in Suzuki), Daihatsu (a subsidiary), and Suzuki particularly timely. This initiative aligns well with similar efforts currently being undertaken by other Japanese automakers looking to expand upon their existing lineups of mini-commercial EVs.
Honda announced plans last December to launch its own small-scale commercial EV boasting an estimated cruising range of about two hundred kilometers come springtime next year. Meanwhile, Mitsubishi Motors has recently reintroduced its Minicab-MiEV van with a shorter range of 133 km. The automaker is also planning to produce this model in Indonesia starting from 2024, as part of their strategy to increase sales across various regions.
In addition to these developments within the automotive industry, Japanese delivery titan Sagawa Express Co has expressed intentions to replace all 7,200 of its existing commercial mini-vehicles with electric alternatives supplied by China's Guangxi Automobile Group beginning last September onwards.