Toyota, Isuzu and Hino join in truck development unitEuropost
Three of the biggest car and truck makers Toyota, Isuzu and Hino announced that they have agreed to form a partnership aimed at introducing new technologies, AP reported. The tech tie-up will be focused on truck production. The emphasis will be on development of commercial vehicles which to work on electricity, hydrogen and have autonomous driving technologies.
Under the deal, Toyota and truckmaker Isuzu will each take a 4.6% stake in each other, the three companies said in a joint statement. Hino Motors is Toyota’s truck division and had been Isuzu’s rival. The 39 million shares of Isuzu common stock that Toyota is acquiring are worth 42.8 billion yen, or about $400 million. Isuzu will acquire Toyota shares worth the same value, they said. The three companies combined control 80% of the Japanese truck market.
The cooperation among Toyota, Isuzu and Hino is designed to reduce emissions by building hydrogen infrastructure, and to help solve the nation’s shortage of drivers by sharing information online and making deliveries more efficient. The three companies plan to develop electric vehicles, fuel cell vehicles, autonomous driving and electronic platforms for trucks, allowing them to cut costs, promote ecological infrastructure and boost traffic safety.