• Kyodo

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Toyota Motor Corp. said Tuesday it has set up a new company with a Sumitomo Corp. affiliate to launch auto-leasing services to individual customers, in response to consumers who are shifting away from owning cars.

The new company, Kinto Co., is capitalized at ¥1.8 billion. The automaker’s wholly owned unit, Toyota Financial Services Co., holds a 66.6 percent stake of Kinto, with the rest being held by Sumitomo Mitsui Auto Service Co.

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