Reuters: Volkswagen AG will team up with Toshiba Corp to develop an electric-powered version of its subcompact Up! concept car after signing a letter of intent on Thursday, Europe’s largest carmaker said. “The objective is a cooperation for the development of electric drive units and the accompanying power electronics for Volkswagen’s planned new small (car) family,” it said in a statement. “Furthermore, Volkswagen and Toshiba are planning the development of battery systems with a high …