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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  DENSO Corporation    6902   JP3551500006

DENSO CORPORATION

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DENSO : Takes a Stake in Envoy, an EV Startup Serving the Commercial Real Estate Industry's Mobility Needs

11/13/2020 | 06:14am EST

KARIYA, JAPAN, Nov 13, 2020 - (JCN Newswire) - - DENSO, a leading mobility supplier, today announced it has taken a stake in Envoy Technologies, an electric vehicle (EV) startup based in Culver City, California, that offers mobility services to the commercial real estate (CRE) industry. Through the investment, DENSO aims to create new revenue streams by offering the benefits of Mobility-as-a-Service (MaaS) to businesses, helping them move employees, customers and things more efficiently and safely.

Founded in 2017 by real estate and tech entrepreneurs Aric Ohana and Ori Sagie, Envoy partners with CRE industry leaders to offer onsite mobility services like electric carsharing and EV charging for apartments, offices, and hotels. Envoy's Mobility as an Amenity service is a turn-key solution that includes technology to reserve and access vehicles, driver insurance, maintenance, and electric vehicle chargers. Even in the face of a global pandemic, the company has experienced record utilization amounting to more than 1.25 million electric miles driven. Envoy is currently available in 10 states and 14 markets in the U.S.

"Early on, we realized that the world's transition to electric mobility will significantly impact our built world. With investors like DENSO, along with others from commercial real estate, mobility, and energy, we are poised to accelerate that transition sustainably," said Aric Ohana, Envoy's co-founder and CEO

"DENSO's global reach and involvement in all things mobility will provide Envoy the ability to scale with its products and services, and standardize electric mobility as well as related energy solutions within communities around the world," added Ori Sagie, Envoy's co-founder and Executive Chairman.

By taking a stake in the company, DENSO will strengthen Envoy's ability to propose and implement mobility services, identify the requirements and functions of vehicles used in EV carsharing services, and create new business models that link commercial properties with mobility.

"As mobility needs change, DENSO continues to change along with them," said Yoshifumi Kato, a senior executive officer at DENSO Corporation. "Collaborating with Envoy allows us to combine our expertise in electrification and fleet management with their knowledge of commercial real estate, helping us both improve mobility for businesses so they can accomplish their goals more seamlessly."

DENSO has long been focused on the MaaS market, and it is a key part of the company's Second Founding, a strategic shift that has pushed DENSO into new mobility areas. In support of this, DENSO has actively built strategic partnerships in and outside Japan to meet the needs of an array of mobility providers. These have included taking stakes in MaaS Global, a Finland-based developer of Whim* the world's first full-fledged MaaS service, and Bond Mobility, which offers micromobility services in urban environments.

DENSO continues to seek additional partnerships and innovations in MaaS to help create transportation solutions that are safer, more secure and greener for all.

* Whim

This application provides an optimal mobility experience by combining various means of transport, such as buses, taxis, bicycles, and car sharing. https://whimapp.com/

About Denso

DENSO is a $48.3 billion global mobility supplier that develops advanced technology and components for nearly every vehicle make and model on the road today. With manufacturing at its core, DENSO invests in its 221 facilities in 35 countries to produce thermal, powertrain, mobility, electrification, & electronic systems, to create jobs that directly change how the world moves. The company's 170,000+ employees are paving the way to a mobility future that improves lives, eliminates traffic accidents, and preserves the environment. Globally headquartered in Kariya, Japan, DENSO spent 9.3% of its global consolidated sales on research and development in the fiscal year ending March 31, 2019. For more information about global DENSO, visit https://www.denso.com/global.

Copyright 2020 JCN Newswire . All rights reserved.

© Japan Corporate News, source JCN Press Releases

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Financials
Sales 2021 4 770 B 45 956 M 45 956 M
Net income 2021 96 945 M 934 M 934 M
Net cash 2021 194 B 1 870 M 1 870 M
P/E ratio 2021 47,8x
Yield 2021 2,25%
Capitalization 4 672 B 45 018 M 45 014 M
EV / Sales 2021 0,94x
EV / Sales 2022 0,86x
Nbr of Employees 170 932
Free-Float 56,9%
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Number of Analysts 18
Average target price 6 556,25 JPY
Last Close Price 6 030,00 JPY
Spread / Highest target 22,7%
Spread / Average Target 8,73%
Spread / Lowest Target -20,4%
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Managers and Directors
NameTitle
Koji Arima President, CEO & Representative Director
Yasushi Matsui CFO & Senior Head-Corporate Administration
Shoji Tsuzuki Chief Information Security Officer
Hiroyuki Wakabayashi Representative Director, CTO, VP & Head-Technology
Yasushi Yamanaka Representative Director, VP & Head-Quality
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