TOKYO (MarketWatch) -- Toyota Motor Corp. (7203.TO) and its subsidiary Hino Motors Ltd. (7205.TO) plan to work on the development of Dual Mode Vehicles, or DMVs, capable of running on both railway tracks and paved roads, the Asahi Shimbun reported in its Monday edition.
JR Hokkaido Railway Co. initially developed a DMV, but now wants to work with the two car makers to increase passenger capacity and address other technical issues, the report said.
Participation by Toyota and Hino in the development of DMVs will likely speed up the commercialization of these fuel-efficient and environmentally-friendly, the Yomiuri report said.