Suzuki, Daihatsu join Toyota-led commercial EV venture

The Toyota Motor Corp. logo is displayed on the wheel of a Camry sedan displayed at the company's offices in Tokyo, Japan, on Tuesday, Nov. 7, 2017. Photographer: Tomohiro Ohsumi/Bloomberg

Suzuki Motor Corp and Daihatsu are joining a commercial electric vehicle coalition led by Toyota Motor Corp, the carmakers announced on Wednesday, helping the Japanese alliance expand its focus from trucks to smaller cars.

The two automakers will each acquire a 10% stake in the joint venture, on par with Isuzu Motors and Hino Motors, while Toyota will hold a 60% stake, they said.

“With Suzuki and Daihatsu joining the project and working together, we’ll be able to expand our circle of cooperation to not only cover commercial vehicles but also mini vehicles,” said Toyota President Akio Toyoda.

“With this expansion, I believe that we’ll be able to take one step closer to a better mobility society,” Toyoda said.

The move comes as Japanese automakers face growing competition from tech giants and other rivals making electric and driverless cars.

Toyota, Isuzu and Hino launched the Commercial Japan Partnership Technologies Corporation in April to bolster their competitive edge in connected, commercial vehicles.

Daihatsu’s president Soichiro Okudaira said joining the pact and introducing connected, mini-commercial vehicles would allow data sharing, a major benefit for companies to provide better services to customers and improve logistics efficiency.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.