August 30, 2019, 07:51 | Auto
Companies form an alliance to develop new products.
Toyota and Suzuki have entered into an agreement to form an alliance under which they will buy each other's shares. So, Toyota will acquire 4.9 percent of Suzuki's shares for $907 million, and Suzuki, in turn, will pay $453.6 million for the partner's shares, Ukr.Media informs.
About what Toyota and Suzuki have the intention to cooperate in the development of new products became known in March 2019. It is assumed that joining the alliance should strengthen their position in the market. However, this does not negate the fact that the brands will remain competitors in certain fields of production.
«The purpose of the alliance is to establish and promote long-term partnership relations between the two companies for the development of cooperation in new areas, including in the field of autonomous driving,” says Toyota's official statement.