| 2 March 2024, Saturday |

Toyota, Isuzu revive alliance with capital tie-up

Toyota Motor Corp and Isuzu Motors Ltd announced a capital alliance on Wednesday, reviving a partnership to bolster their competitive edge in connected, commercial vehicles.

Toyota will acquire 39 million shares in Isuzu, worth 42.8 billion yen, taking a 4.6% stake, they said. Toyota and Isuzu dissolved a previous capital tie-up in 2018.

Toyota, Isuzu and Hino Motors will set up the new joint venture, they said. Toyota will own 80%, while Isuzu and Hino will own 10% each, they announced in a statement.

The automakers said Toyota truck unit Hino Motors Ltd will join in deepening cooperation to work on connected commercial vehicles and fuel cells.

Shares of Hino Motors Ltd and Isuzu Motors Ltd jumped on Wednesday.

  • Reuters