The automakers jointly aim at reducing carbon emission levels and help resolve Japan’s ongoing shortage of drivers
Japanese automobile giants- Toyota, Hino, and Isuzu have reportedly announced a partnership in commercial vehicles and work together in hydrogen, electric, autonomous, and connected driving space. As per the deal, Japan’s leading truck maker, Isuzu and automotive brand Toyota will each take a 4.6% share in each other.
Hino Motors is Toyota’s truck business and operates as Isuzu’s rival. Additionally, the three entities together control 80% of the total truck market in Japan.
Notably, the collaboration between Toyota, Hino, and Isuzu has been established to control carbon emission levels by designing a hydrogen infrastructure and to assist in resolving Japan’s shortage of drivers by sharing necessary information online and by ensuring efficient deliveries.
In addition to the above, all three entities aim at developing fuel cell vehicles, electric vehicles, autonomous driving, and electronic platforms for trucks, permitting them to reduce costs, boost traffic safety, and promote ecological infrastructure.
According to a statement by the companies, apart from their equal stake holdings, Toyota, Isuzu, and Hino are jointly establishing a company named- ‘Commercial Japan Partnership Technology Corporation’ in Tokyo in order to promote their partnership and plan the services and technologies.
An integral part of the partnership includes introduction of fuel cell trucks in a ‘hydrogen-led society’ model which is being designed and developed in Fukushima Prefecture, which was earlier destroyed by earthquake, tsunami, natural disasters in March 2011.
Seemingly, capitalized at USD 93,000 (10 million yen), the new entity will be 80% owned by Toyota and 10% each by Hino and Isuzu.
Citing reports, the maker of Camry sedan, Lexus luxury models, and Plus hybrid, Toyota sold off a 5.9% share in Isuzu in the year 2018 that it purchased in 2006. Earlier, Isuzu also had a capital-tie up with American multinational automaker, General Motors Company.
After the news, Toyota’s share fell by 2.2% while Isuzu’s shares jumped 5.4% while the stakes in Hino slipped by approximately 1%.