HINOF - Toyota setting up small electric vehicle partnership with Suzuki and Daihatsu

gremlin/E+ via Getty Images Suzuki Motor Corp ([[SZKMY]] -1.9%) and Daihatsu are becoming members of an electric vehicle joint venture headed by Toyota Motor Corp ([[TM]] +1.0%). The group already includes Isuzu Motors ([[ISUZY]] +1.3%) and Hino Motors ([[HINOY]]).  Toyota will hold a 60% stake in the joint business, while the other companies will each own 10%. The companies said the alliance will focus on creating mini-commercial electric vehicles, as the companies face greater competition from large tech and car firms. "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," commented Toyota President Akio Toyoda. Toyota, Isuzu Motors, and Hino Motors control about 80% of the Japenese truck market and have already formed a partnership to produce larger electric vehicles.

For further details see:

Toyota setting up small electric vehicle partnership with Suzuki and Daihatsu