Suzuki and Daihatsu join Toyota EV venture, Energy News, ET EnergyWorld
The two automakers will each acquire a 10% stake in the joint venture, on par with Isuzu Motors and Hino Motors, while Toyota will hold a 60% stake, they said.
“With Suzuki and Daihatsu joining the project and working together, we will be able to expand our circle of cooperation to cover not only commercial vehicles but also mini vehicles,” said Toyota President Akio Toyoda.
“With this expansion, I think we can take one more step towards a better mobility society,” Toyoda said.
The move comes as Japanese automakers face growing competition from tech giants and other rivals making electric and driverless cars.
Toyota, Isuzu and Hino launched the Commercial Japan Partnership Technologies Corporation in April to strengthen their competitive advantage in connected commercial vehicles.
Daihatsu Chairman Soichiro Okudaira said joining the pact and introducing connected mini-commercial vehicles would enable data sharing, a major benefit for businesses to provide better services to customers and improve logistics efficiency.