TOKYO (AP) — Japanese automakers Toyota, Isuzu and Hino said yesterday they are setting up a partnership in commercial vehicles to work together in electric, hydrogen, connected and autonomous driving technologies.
Under the deal, Toyota Motor Corp, Japan’s top automaker, and truckmaker Isuzu Motors will each take a 4.6 per cent stake in each other, the three companies said in a joint statement. Hino Motors is Toyota’s truck division and had been Isuzu’s rival.
The 39 million shares of Isuzu common stock that Toyota is acquiring are worth JPY42.8 billion. Isuzu will acquire Toyota shares worth the same value, they said.
The three companies combined control 80 per cent of the Japanese truck market.
Toyota, which makes the Camry sedan, Prius hybrid and Lexus luxury models, sold off in 2018 a 5.9 per cent stake in Isuzu that it had bought in 2006. Earlier, Isuzu had a capital tie-up with United States (US) automaker General Motors Co.