Japan's Yamada Denki looks to expand into electric vehicles
Japanese consumer electronics retailer Yamada Denki is set to invest more than JPY1bn ($8.76m) in a roughly 10% stake in electric vehicle (EV) start-up FOMM. It is developing a four-seat EV for the Japanese market, priced at around JPY1m – half that of Mitsubishi Motors' minicar-sized i-MiEV. FOMM is partnering with a range of firms to bring its EV to market and expects to sell tens of thousands annually. Yamada Denki is the latest in a growing number of non-automotive firms to enter the EV market.

TOKYO -- Consumer electronics retailer Yamada Denki will partner with a startup to sell entry-level compact electric vehicles by 2020, joining the growing ranks of nonautomotive entrants into the sector.

Barriers to entry for building electric vehicles are lower than for gasoline autos. About 40% of the parts in gas-powered vehicles are unnecessary in electrics, according to the Ministry of Economy, Trade and Industry. Dyson, a British company known for vacuum cleaners, plans to sell electric vehicles by 2020 as well.