TOKYO -- Toyota and Isuzu Motors 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 percent stake, they said. Toyota and Isuzu dissolved a previous capital tie-up in 2018.
Toyota, its truck unit Hino Motor and Isuzu, will jointly work on the development of battery-electric vehicles and fuel cell electric vehicles, autonomous driving technologies, and electronic platforms centered on small commercial trucks, Toyota said in a statement.
The companies will set up a new joint venture. Toyota will own 80 percent, while Isuzu and Hino will own 10 percent each.
