Automobile giants Toyota and Suzuki to go for joint venture
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ISLAMABAD - World-renowned automakers, Toyota and Suzuki, have partnered to jointly produce electric and compact cars in order to compete against the global leaders in the market segment.
The initial R&D agreement to work together was inked in 2017 and now Suzuki will be producing more cars for Toyota.
The joint statement read:
Toyota and Suzuki, in addition to bringing together Toyota’s strength in electrification technologies and Suzuki’s strength in technologies for compact vehicles, intend to grow in new fields, such as joint collaboration in production and in the widespread popularization of electrified vehicles.
Toyota will produce hybrids in Europe, based on its Corolla and RAV4 SUV crossover for Suzuki, while Suzuki will supply Toyota with petrol engines for compact vehicle models sold in the region.
Markets like India and Pakistan are dominated by compact vehicles from Suzuki and Toyota plans to expand its business in India which is the fifth-largest passenger car market in the world.
The two carmakers have been pooling their strengths. Toyota is a leader in hybrid technology and is investing heavily in automated driving, while Suzuki specializes in affordable compact cars
