TOKYO, March 24 (Xinhua) -- Japanese automakers Toyota Motor Corp. and Isuzu Motors Ltd. said on Wednesday that they agreed to form a new partnership to co-develop next-generation small-sized commercial vehicles.

Toyota's subsidiary truck maker Hino Motors Ltd. will also join in the pact. The three companies will set up a joint venture in April to jointly develop small-sized electric and fuel-cell trucks as well as autonomous driving technologies for such vehicles, said the automakers.

The partnership includes a capital tie-up between Toyota and Isuzu. Toyota will hold a 4.6 percent stake of all issued shares in Isuzu for 42.8 billion yen (393 million U.S. dollars), while Isuzu will obtain Toyota shares of the same value.

Toyota and Isuzu originally agreed on a capital tie-up in 2006 to jointly develop technologies for diesel engines, but it was dissolved in 2018 without any significant achievements.

"We restarted talks for a tie-up in a bid to bring our strength together," Toyota President Akio Toyoda told a joint press conference.

According to Isuzu President Masanori Katayama, the new partnership with Toyota and Hino will contribute to improving logistics in Japan by creating a common platform of electrification and self-driving technologies for commercial vehicles. Enditem

Related

Go to Forum >>0 Comment(s)