English | 简体中文 | 繁體中文 | 한국어 | 日本語
Thursday, 29 August 2019, 11:59 HKT/SGT
Share:
    

Source: Toyota Motor Corporation
Toyota and Suzuki Enter into Capital Alliance Agreement

TOKYO, Aug 29, 2019 - (JCN Newswire) - Toyota Motor Corporation and Suzuki Motor Corporation hereby announce that the two companies entered into an agreement regarding a capital alliance (the Alliance) today, in order to establish and promote a long-term partnership between the two companies for promoting collaboration in new fields, including the field of autonomous driving.

Purpose of the Alliance

The two companies began considering business partnership on October 12, 2016, and since then have continued to consider specific details. On March 20 of this year, the companies announced that they would begin specific considerations in order to engage in joint product development and collaboration in production, in addition to promoting the mutual supply of products, by bringing together Toyota's strength in electrification technologies and Suzuki's strength in technologies for compact vehicles.

Separately, the automobile sector is currently experiencing a turning point unprecedented in both scope and scale, not only because of enhanced environmental regulations, but also from new entries from distinct industries and diversified mobility businesses. The two companies intend to achieve sustainable growth, by overcoming new challenges surrounding the automobile sector by building and deepening cooperative relationships in new fields while continuing to be competitors, in addition to strengthening the technologies and products in which each company specializes and their existing business foundations.

Specifically, to take up challenges together in this transitional era, the two companies plan to establish and promote a long-term partnership between the two companies for promoting collaboration in new fields, including the field of autonomous driving.

The execution of the capital alliance agreement is a confirmation and expression of the outcome of sincere and careful discussions between the two companies, and it will serve for building and promoting their future partnership in new fields.

Details of the Alliance

In order to develop and promote a long-term partnership between the two companies, the companies plan to acquire each other's shares based on the Alliance.

Toyota plans to acquire 24,000,000 shares of common stock in Suzuki (4.94% ownership of the total number of shares issued by Suzuki as of March 31, 2019 (excluding treasury shares) with a total value of JPY 96 billion) by underwriting the disposition of treasury shares by way of third-party allotment conducted by Suzuki.

Likewise, Suzuki plans to acquire, through purchase in the market, shares in Toyota equivalent to JPY 48 billion.

These share acquisitions will be implemented after the companies obtain approvals from the foreign competition authorities.

About Toyota Motor Corporation

Toyota Motor Corporation (TMC) is the global mobility company that introduced the Prius hybrid-electric car in 1997 and the first mass-produced fuel cell sedan, Mirai, in 2014. Headquartered in Toyota City, Japan, Toyota has been making cars since 1937. Today, Toyota proudly employs 370,000 employees in communities around the world. Together, they build around 10 million vehicles per year in 29 countries, from mainstream cars and premium vehicles to mini-vehicles and commercial trucks, and sell them in more than 170 countries under the brands Toyota, Lexus, Daihatsu and Hino. For more information, please visit www.toyota-global.com.

Contact:
Public Affairs Division
Global Communications Department
Toyota Motor Corporation
Tel: +81-3-3817-9926


Source: Toyota Motor Corporation

Topic: Press release summary
Sectors: Automotive
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2020 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 
Toyota Motor Corporation Links

http://www.toyota-global.com

https://plus.google.com/+toyotaglobal

https://www.facebook.com/ToyotaMotorCorporation/

https://twitter.com/TOYOTA_PR/

https://www.youtube.com/user/toyotajpchannel/

https://ph.linkedin.com/company/toyota

Toyota Motor Corporation Releated News
June 3, 2020 13:30 HKT/SGT
TOYOTA、アクアの特別仕様車にパノラミックビューモニターを追加装備
June 3, 2020 09:00 HKT/SGT
トヨタ・モビリティ基金、ドイツ西部ビットブルク市で高齢者と支援ボランティアのマッチングサービスを開始
June 3, 2020 08:05 HKT/SGT
The Toyota Mobility Foundation and Partners Establish Digital Platform to Help Support People and Industry in Rural Germany
June 2, 2020 13:30 HKT/SGT
TOYOTA、シエンタに2列シート車「FUNBASE G Cuero」を新設定
June 2, 2020 13:30 HKT/SGT
TOYOTA、新型車GRヤリスのラインアップを発表
More news >>
Copyright © 2020 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6653 1210 | Tokyo: +81 3 6859 8575