Toyota Motor Corp and Suzuki Motor Corp will form a capital al...
) will form a capital alliance, the Japanese carmakers said on Wednesday, as they look to accelerate technological development and meet sweeping changes upending the global auto industry.
The deal will see Toyota pay around 96 billion yen for a 4.94% stake in smaller Suzuki, while Suzuki will acquire around 48 billion yen worth of shares in Toyota. The tie-up highlights the challenges for automakers as they fight to keep up with the breakneck growth in an industry that has been transformed by the rise of electric vehicles , ride-hailing and autonomous driving.
The two said in a joint statement they intended to overcome new challenges facing the industry by “building and deepening cooperative relationships in new fields while continuing to be competitors”.Toyota has been looking to expand scale in next-generation technology and said this year it would offer free access to patents for EV motors and power control units.
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