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Toyota, Isuzu to take stake in each other to co-develop new vehicles
Toyota said it will hold a 4.6 percent stake of all issued shares as of the end of September, worth 42.8 billion yen ($393 million), in Isuzu through a third-party allotment, while Isuzu plans to acquire Toyota shares of the same value through a market purchase.
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Imported Toyota cars are unloaded from a cargo vessel at the Shenzhen Dachan Bay Terminals in Guangdong province, China, on Wednesday.
(Reuters/-)
T
oyota Motor and Isuzu Motors said Wednesday they will take a stake in each other to jointly develop next-generation small-sized commercial vehicles with Toyota's subsidiary truck maker Hino Motors.
Toyota said it will hold a 4.6 percent stake of all issued shares as of the end of September, worth 42.8 billion yen ($393 million), in Isuzu through a third-party allotment, while Isuzu plans to acquire Toyota shares of the same value through a market purchase.
The three companies said they will set up a joint venture named Commercial Japan Partnership Technologies in April to co-develop small-sized electric and fuel-cell trucks as well as autonomous driving technologies for such vehicles.
Toyota will have an 80 percent stake in the joint venture, while Isuzu and Hino plan to each hold a 10 percent stake.
Toyota and Isuzu initially agreed on a capital tie-up in 2006 to jointly develop technologies for diesel engines, but it was dissolved in 2018 without any major achievements.
"We restarted talks for a tie-up in a bid to bring our strength together," Toyota President Akio Toyoda said in a joint press conference.
"I believe our new partnership with Toyota and Hino will contribute to improving logistics in Japan" by creating a common platform of electrification and self-driving technologies for commercial vehicles, Isuzu President Masanori Katayama said.
