New Delhi, Aug 28 (IANS): Japanese motown giants have decided on a formal tango. Toyota Motor Corporation and Suzuki Motor Corporation, the parent of Maruti Suzuki, will take small equity stakes in each other, strengthening their existing alliance to develop newer technologies.
Japan's biggest automaker will acquire 4.94% of Suzuki shares for about $907 million, while Suzuki will get a 0.2% stake valued at about $454 million in Toyota.
The move builds on ties established two years ago between the two car makers and is aimed at expanding their collaboration to keep up with electric and self-driving cars, as well as growing demand for on-demand rides and new businesses that are reinventing how people get from A to B. For Toyota, the deal adds yet another automaker to the company's expanding portfolio of partnerships, which includes Mazda Motor Corp. and Subaru Corp.