BY JEFF REICH, Associated Press – Toyota Motor Corp., Nissan Motor Co., Honda Motor Co. and Hyundai Motor Corp. announced on Wednesday that they have signed a partnership to develop, manufacture and market electric vehicles.
The companies will announce the new brands at the North American International Auto Show in Detroit.
Toyota’s electric cars are expected to compete against the likes of Volkswagen AG’s Audi and BMW AG’s BMW and Mercedes-Benz.
The deals mark the third time in six years that Toyota and Nissan have announced a partnership.
In 2016, they agreed to build a battery plant in the United States.
The plants will help them manufacture electric vehicles, which will be sold by automakers including Nissan and Toyota.