OREANDA-NEWS. Japanese automakers Toyota and Suzuki have entered into a partnership agreement to develop cooperation in various technological fields, including the production of electric vehicles. This is stated in a joint statement released on Wednesday by companies. Under the terms of the partnership, Toyota will acquire about 5% of Suzuki's shares for a total of 96 billion yen ($ 907 million), and Suzuki will buy Toyota securities for 48 billion yen ($ 453 million).

The companies began to cooperate from the end of 2016 in areas such as automotive safety, information technology and the production of engines that cause minimal environmental damage. The interaction of concerns is also evident in the field of logistics. For example, they jointly supply their machines to India. Toyota has long paid great attention to the development of hybrid engine technology, taking a leading position in the global market for the sales of vehicles equipped with them. However, amid the general interest in electric vehicles, the corporation considered it necessary to strengthen its position in this promising segment.

Previously, Toyota announced its intention by approximately 2025 to completely stop the production of cars with gasoline or diesel engines, leaving in its model line only hybrids, electric cars and hydrogen-powered cars. In addition, to date, Toyota has also entered into an agreement with two other Japanese companies - Subaru and Mazda - for the purpose of joint production of electric vehicles.

Toyota Motor Corporation is the largest division of the Toyota Group and the leader in the Japanese auto industry. The company was founded in 1937, its headquarters is in the city of Toyota, Aichi Prefecture. Suzuki Motor was founded in 1909. The headquarters is located in Hamamatsu.