Electronics Retailer Partners to Sell EVs in Japan

Japanese electronics retailer Yamada Denki Co. Ltd. is partnering with electric car startup Fomm Corp. to sell entry-level electric cars in the country.

Yamada will invest about 1 billion yen ($9 million) for a 10% stake in the 4-year-old EV maker, according to The Nikkei.

Fomm was founded by former Toyota Motor Corp. EV engineers. They plan to begin building their four-passenger cars in Thailand next summer. The Kawasaki-based company apparently is pursuing investments from China, including components supplied by a unit of Beijing Automobile Works, the newspaper says.

Fomm’s original 460-kg (1,000-lb) Concept One EV (pictured) was designed to float in the event of a tsunami. The car is powered by two in-wheel electric motors and can travel 100 km (62 miles) per charge. Acceleration and braking are accomplished with motorcycle-like hand controls.

Yamada hopes to sell Fomm EV for no more than 1 million yen ($8,800) each. The Nikkei says the retailer is studying several marketing options, including a payment plan based on the distance driven and/or bundling EVs with homes sold by one of Yamada’s affiliates.