Suzuki and Daihatsu join Toyota EV joint venture By Reuters

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© Reuters. FILE PHOTO: Visitors check a Toyota BZ4X Concept electric vehicle (EV) during its world premiere on a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song

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TOKYO (Reuters) – Suzuki Motor Corp and Daihatsu are joining a commercial electric vehicle coalition led by Toyota Motor (NYSE:) 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.

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

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