TOKYO, Aug 28: Japan’s top automaker, Toyota, and smaller rival Suzuki have announced they are partnering in the development of self-driving car technology, as manufacturers around the world grapple with innovations in the industry.
They said Wednesday that Toyota will take a 4.9% stake in Suzuki Motor Corp., valued at 96 billion yen ($908 million), and Suzuki will make a 48 billion yen ($454 million) investment in Toyota.
In 2017, Toyota and Suzuki agreed to work together in ecological and safety technology. That deal did not include owning mutual stakes.
Auto manufacturers are facing a costly shift toward use of artificial intelligence and various ecological and safety technologies.
Toyota makes the top-selling hybrid vehicle, Prius.