Compared to the $2 billion Toyota spent developing hybrid technology (estimated), $1 billion by three companies doesn't seem like a lot.
Source: Bloomberg.com: Germany
Aug. 10 (Bloomberg) -- General Motors Corp., DaimlerChrysler AG and Bayerische Motoren Werke AG are investing more than $1 billion combined on a shared gasoline-electric system for autos that will compete with hybrid leader Toyota Motor Corp.
Toyota has licensed hybrid technology to Ford Motor Co., supplies components to Nissan Motor Co. for a hybrid Altima sedan that goes on sale in 2007, and plans to work with affiliate Fuji Heavy Industries Ltd.'s Subaru on gasoline-electric vehicles.
GM will be using the new hybrid technology (dual-mode hybrid) in its 2007 Yukon and Tahoe. DaimlerChrysler will have a hybrid Durango in 2008, while BMW, who just signed on last year to the joint operation, plans on having a hybrid in about three to five years.