January 24, 2011
TOKYO (AFP) - Japanese synthetic fibre maker Toray Industries and German auto giant Daimler AG said on Monday they would set up a joint venture to make lighter carbon-fibre-based auto parts.
The companies said in a statement they would establish the venture in Esslingen, Germany, in March to produce and market carbon fibre reinforced plastics (CFRP) for use in automobiles.
The 825,000 euro ($1.12 million) tie-up will be controlled 50.1 percent by Toray, 44.9 percent by Daimler and the remaining five percent by other parties.
Carbon-fibre reinforced plastic is much lighter than sheet steel and aluminium, making vehicles potentially more energy efficient.
But high costs have limited the use of Toray's carbon fibre in auto bodies. The venture plans to start supplying the high-tech lightweight auto parts to Daimler in 2012 for use in its Mercedes-Benz brand.
