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Toyota and Suzuki Agree to Start Consideration toward New Collaboration

Posted On: 2019-03-20 14:06:44

Toyota Motor Corporation (Toyota) and Suzuki Motor Corporation (Suzuki) today announced their agreement to begin considering concrete collaboration in new fields.

Toyota and Suzuki have been considering the concrete details of such collaboration since having concluded a memorandum of understanding toward business partnership on February 6, 2017.

Toyota and Suzuki, in addition to bringing together Toyota's strength in electrification technologies and Suzuki's strength in technologies for compact vehicles, intend to grow in new fields, such as joint collaboration in production and in the widespread popularization of electrified vehicles.

Moving forward, insofar as Toyota and Suzuki continue to fairly and freely compete against each other, both companies intend to consider further collaboration to realize a sustainable future mobility society while respecting all applicable laws.

Toyota President Akio Toyoda said: "When it comes to vehicle electrification, which is expected to make further inroads, hybrid technologies are seen as playing a huge role in many markets, as from before. Widespread acceptance is necessary for electrified vehicles to be able to contribute to Earth's environment. Through our new agreement, we look forward to the wider use of hybrid technologies, not only in India and Europe, but around the world. At the same time, we believe that the expansion of our business partnership with Suzuki-from the mutual supply of vehicles and powertrains to the domains of development and production-will help give us the competitive edge we will need to survive this once-in-a-century period of profound transformation. We intend to strengthen the competitiveness of both our companies by applying our strong points and learning from each other."

Suzuki Chairman Osamu Suzuki said: "At the time we announced our scope of cooperation in May last year, I spoke that we will strive for success globally. I have seen progress in the partnership since then, and it is my pleasure to be able to make this announcement today regarding the status of partnership on a global basis, including Europe and Africa. In addition, we appreciate the kind offer from Toyota to let us make use of their hybrid technology. We will continue our utmost efforts."

Shares of MARUTI SUZUKI INDIA LTD. was last trading in BSE at Rs.6832.55 as compared to the previous close of Rs. 6910.35. The total number of shares traded during the day was 33114 in over 4624 trades.

The stock hit an intraday high of Rs. 6910.5 and intraday low of 6810. The net turnover during the day was Rs. 226906089.


Source: Equity Bulls

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