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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 outsells VW for global sales crown, apologizes with a vow to 'be honest'

Toyota Chairman Akio Toyoda bows in apology during a press conference Tuesday over the group companies' quality scandals. (Getty Images)   Every quarter, the stock market hangs on how much sales growth Tesla and other startups have experienced. There's growth, but then there's sheer output, and when it comes to deliveries dominance, one company can't be touched. Toyota on Tuesday announced that it remained the world's top-selling automaker for the fourth year running, with record sales of 11.2 million vehicles in 2023. Toyota's global group sales jumped 7.2% last year; the numbers include sales at Daihatsu and truck unit Hino Motors. Toyota's parent-only vehicles, which include the Toyota and Lexus brands, hit a record of 10.3 million vehicles in 2023. Gasoline-electric hybrids made up about a third of those. Battery electric vehicles accounted for less than 1%. Toyota's annual output handily beat runner-up Volkswagen Group, which this month reported a 12% rise in deliveries last year to 9.2 million cars. That growth was driven largely by demand for Audi, which sold 1.9 million vehicles. The auto industry in 2023 enjoyed a post-pandemic recovery as supply chain bottlenecks eased, though shipping problems through the Red Sea so far this year have stalled that progress by some automakers, causing some car plants in Europe to suspend production. Toyota's global group sales have now topped 10 million vehicles for nine of the past 10 years, except for 2020 when the COVID-19 pandemic delivered a blow to the auto sector. Scandals and an apology Toyota's chairman apologized on Tuesday for scandals at the three group companies. Daihatsu, Hino and affiliate Toyota Industries have been beset by governance issues involving certification test procedures for cars and engines that could potentially hurt the brand's global reputation for quality and safety. "I would like to express my deepest apologies to our customers and stakeholders for the inconvenience and concern caused by the successive irregularities at Hino Motors, Daihatsu and Toyota Industries," Toyota Chairman Akio Toyoda told reporters. He was speaking at an event to announce a vision for the Toyota group, which was founded by his great-grandfather and now includes 17 companies.

177k Toyota Camry Hybrids being recalled for brake issue

It looks like Consumer Reports might be getting part of what it wants regarding the Toyota Camry Hybrid and its braking system. Toyota is issuing what it calls a limited service campaign, rather than a full recall, covering about 177,500 of the hybrid sedans from the 2007 through 2011 model years because of an issue with the cars' brake fluid reservoirs.
The models have a filter separating two chambers of the brake fluid reservoir, and the part can get clogged over time. If this happens, the fluid level in one of the chambers can get too low and eventually cause the power assist to fail. There are multiple warning lights on the dashboard that illuminate over time if the filter gets obstructed, though. The company is replacing the entire reservoir with an improved unit, and the fix takes about two hours to perform.
Consumer Reports recently began asking for a recall on these models for the potentially clogged filters. The magazine also reported a second issue with the ABS brake actuator that could lead to a difficult to depress brake, but Toyota has increased the warranty on the part to 10 years or 150,000 miles.