• Kyodo

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Subaru Corp. said Wednesday it has acquired a 0.3% stake in Toyota Motor Corp. for about ¥70 billion ($673 million) under a capital tie-up deal reached between the two companies in 2019 to boost the joint development of new technologies for autonomous and electric cars.

Toyota raised its stake in Subaru from 16.8% to 20% as planned in February last year, making the smaller automaker into its equity-method affiliate. Since then, Subaru’s earnings have been incorporated into Toyota’s consolidated financial statements.

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