Toshiba, VW to develop drive systems for hybrids

Germany’s Volkswagen AG (VW) and Japan’s Toshiba Corp. announced an agreement, signed by VW Chairman Martin Winterkorn and Toshiba President Atsutoshi Nishida, to jointly develop drive systems for electric and hybrid cars and other related technologies. “Our joint efforts for the project will be a significant step forward for the future auto technology,” said Nishida. To create a rival to Toyota Motor Corp.’s iQ ultracompact car for the European and emerging markets, VW is developing small vehicles where the new drive systems can be installed. Aiming to tap the intensely competitive and growing low-emission vehicle market, Toshiba also plans to develop a high-output battery system for VW’s next-generation electric cars. (February 13, 2009)