Toyota and Subaru Team Up for Electric Vehicles

Japanese automakers Toyota and Subaru are banking on a joint venture to give them an edge in the growing market for electric vehicles.

The automakers announced Thursday that they would jointly develop a battery-powered electric SUV on a platform that they will create together.

According to them, the project will bring together Toyota's expertise in vehicle electrification and Subaru AWD technology.

The goal is to develop EVs faster and cheaper.

Automakers are planning to launch the new SUV in the United States and other markets by the first half of the 2020s.

They say that they will also look at the joint development of an electric sedan and other models.