Toyota, Isuzu revive alliance with capital tie-up
Toyota Motor Corp and Isuzu Motors Ltd had announced a capital alliance on Wednesday, restoring a partnership again to support their competitive edge in connected, commercial vehicles.
Toyota will obtain 39 million shares in Isuzu, worth 42.8 billion yen, taking somewhere 4.6% of the stake, they announced. Toyota and Isuzu dissolved an earlier capital tie-up in 2018.
They said in a statement that Isuzu, Hino Motors, and Toyota will organize the new joint venture. Toyota will own 80%, meanwhile, Isuzu and Hino will be owing 10% each.
Toyota truck unit Hino Motors Ltd will combine in deepening cooperation to service on connected commercial vehicles and fuel cells, the automakers addressed.
Shares of Isuzu Motors Ltd and Hino Motors Ltd had leaped on Wednesday.