Auto manufactures Suzuki Motor Corp. (TYO: 7269) and Daihatsu has officially joined the band wagon with fellow car manufacturer Toyota Motor Corp. (TYO: 7205) to jointly take part in a commercial electric vehicle production.
This brings the numbers of automakers under this umbrella to five, the other two include Isuzu Motors Ltd. (TYO: 7202) and Hino Motors Ltd (TYO: 7205).
Suzuki and Daihatsu will each get 10% stake in this joint venture equal to the amount of stake which Isuzu and Hino owns and Toyota will own 60% stake of the joint venture.
“With Suzuki and Daihatsu joining the project and working together, we’ll be able to expand our circle of cooperation to not only cover commercial vehicles but also mini vehicles. With this expansion, I believe that we’ll be able to take one step closer to a better mobility society,” said the president of Toyota, Akio Toyoda.
Toyota, Hino and Isuzu launched this joint alliance under the name Commercial Japan Partnership Technologies Corporation in April with an aim to accelerate their competitive edge in connected, commercial vehicles.