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Toyota and Suzuki partner up on autonomy with capital alliance

TOKYO — Toyota and Suzuki will take small equity stakes in each other, the Japanese car makers said on Wednesday, as they seek to develop newer technologies and meet sweeping changes upending the global auto industry. The tie-up is the latest example of automakers chasing scale to manage costs and boost development. Automakers — especially smaller ones like Suzuki — are struggling to meet the breakneck growth of an industry transformed by the rise of electric vehicles (EVs), ride-hailing and autonomous driving. Toyota will pay around 96 billion yen ($908 million) for a 4.94% stake in Suzuki, while Suzuki will acquire in the market around 48 billion yen ($454 million) worth of shares in Toyota. That is equivalent to 0.2% of Toyota's shares as of Wednesday's closing price, before the announcement. The companies said in a joint statement they intended to overcome challenges facing the industry by "building and deepening cooperative relationships in new fields while continuing to be competitors". They said they would strengthen technologies and products in which each of them specialize in. The firms had said in 2016 they were exploring a partnership, citing technological challenges and the need to keep up with industry consolidation. Earlier this year they said they would produce EVs and compact cars for each other. Automakers around the globe have been joining forces to slash development and manufacturing costs of new technology. Ford and Volkswagen have said they will spend billions of dollars to jointly develop electric and self-driving vehicles. Shares of Toyota and Suzuki closed little changed before the announcement. TOYOTA'S ORBIT The deal brings Suzuki firmly into Toyota' orbit, alongside Daihatsu, Hino Motors, Subaru, Mazda and Yamaha. Rival Nissan has an alliance with France's Renault, although that has been shaken following the ouster of former Chairman Carlos Ghosn, and with Mitsubishi Motors. Honda has a tie-up with General Motors. Toyota has been looking to expand scale in next-generation technology and said this year it would offer free access to patents for EV motors and power control units. It believes that move would help it cut by as much as half the outlays for expanded electric and hybrid vehicle components in the United States, China and Japan. Supplying rivals would greatly expand the scale of production for hardware.

Toyota's future fuel cell vehicle lineup revealed?

Being an Olympic sponsor from 2017 through 2024 puts Toyota in the international limelight, and the company is preparing a fleet of efficient, cutting-edge vehicles just in time for the Tokyo games in 2020. At least eight new models could be on the way, according to Automotive News citing Best Car from Japan. Three of those might make use of the hydrogen fuel-cell powertrain developed for the Mirai. While many of these fuel cells are going into Japan-only vehicles, one of them could come here. Reiterating earlier rumors, Automotive News reports a hydrogen-powered Lexus LS is set for 2018. It could be even lighter than the current hybrid model, too. A similar version of the Toyota Crown would launch there in 2019 and possibly an FCEV Estima minivan, too. Beyond fuel cells, Toyota also intends to put the JPN Taxi Concept from the 2013 Tokyo Motor Show into production in time for the games, according to Automotive News. For 2017, the brand's flagship Century is also expected to adopt a hybrid V8 to replace the current V12, as well. Plus, many of its Japanese-market vans are also due for updates. All of this is certainly a massive undertaking to be ready in time, but Tokyo want to use the games as a chance to show the city as an innovative, international destination. Automotive News predicts Toyota could supply thousands of vehicles to haul all of the athletes and dignitaries around. In addition, the Japanese government wants 6,000 fuel cell vehicles on the road and 35 refueling stations up an running for the games. Related Video:

Why Toyota Camry's Korea Car of the Year win is a big-time upset

The 2013 Toyota Camry is officially the car of the year in Korea. The country's motoring press graced the Japanese sedan with the honor for the first time, officially marking a shift in prevailing Korean attitudes toward Japan and its products. According to industry analysts, buyers in the country are no longer simply choosing their purchases based on whether or not they're made in South Korea, but rather based on quality and personal choice. That's a big jump from a few years ago, when buyers viewed their purchases through a patriotic lens.
The Camry managed to edge out a total of 44 other cars, including hardware from both Hyundai and Kia, to become the first foreign vehicle to take home the Korea Automobile Journalist Association's Car of the Year award. As The Detroit News points out, just 10 years ago, domestic manufacturers held some 99 percent of the Korean car market. But a change in trade regulations has opened up the country considerably, and buyers now have access to a wide range of products from around the globe. As a result, Hyundai and Kia have countered by cutting prices in an attempt to keep their grip on the market.