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© Reuters. FILE PHOTO: A man walks past a Toyota logo at the Tokyo Motor Show 2/2
By Eimi Yamamitsu
TOKYO (Reuters) – Toyota Motor (NYSE:TM) 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.
Isuzu, Hino Motors and Toyota will set up the new joint venture, they said. Toyota will own 80%, while Isuzu and Hino will own 10% each, they said in a statement.
Toyota truck unit Hino Motors Ltd will join in deepening cooperation to work on connected commercial vehicles and fuel cells, the automakers said.
Shares of Isuzu Motors Ltd and Hino Motors Ltd jumped on Wednesday.
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