Toyota Motor Corp. and Suzuki Motor Corp. are strengthening their alliance by taking stakes in one another, seeking to bolster their position as the auto industry shifts further toward electrified and self-driving cars.
Japan's biggest automaker will acquire about 5 percent of Suzuki shares for about ¥96 billion ($907 million), while Suzuki will get a smaller holding valued at about ¥48 billion in Toyota, the automakers said in statements Wednesday. That is equivalent to 0.2 percent of Toyota's shares as of Wednesday's closing price, before the announcement.
The move builds on ties established in 2017 between the two carmakers and is aimed at expanding their collaboration to keep up with technological advances sweeping through the transportation industry, from on-demand rides to cars that are no longer powered by fossil fuels.