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Toyota and Suzuki partner up on autonomy with capital alliance

TOKYO — Toyota and Suzuki will take small equity stakes in each other, the Japanese car makers said on Wednesday, as they seek to develop newer technologies and meet sweeping changes upending the global auto industry. The tie-up is the latest example of automakers chasing scale to manage costs and boost development. Automakers — especially smaller ones like Suzuki — are struggling to meet the breakneck growth of an industry transformed by the rise of electric vehicles (EVs), ride-hailing and autonomous driving. Toyota will pay around 96 billion yen ($908 million) for a 4.94% stake in Suzuki, while Suzuki will acquire in the market around 48 billion yen ($454 million) worth of shares in Toyota. That is equivalent to 0.2% of Toyota's shares as of Wednesday's closing price, before the announcement. The companies said in a joint statement they intended to overcome challenges facing the industry by "building and deepening cooperative relationships in new fields while continuing to be competitors". They said they would strengthen technologies and products in which each of them specialize in. The firms had said in 2016 they were exploring a partnership, citing technological challenges and the need to keep up with industry consolidation. Earlier this year they said they would produce EVs and compact cars for each other. Automakers around the globe have been joining forces to slash development and manufacturing costs of new technology. Ford and Volkswagen have said they will spend billions of dollars to jointly develop electric and self-driving vehicles. Shares of Toyota and Suzuki closed little changed before the announcement. TOYOTA'S ORBIT The deal brings Suzuki firmly into Toyota' orbit, alongside Daihatsu, Hino Motors, Subaru, Mazda and Yamaha. Rival Nissan has an alliance with France's Renault, although that has been shaken following the ouster of former Chairman Carlos Ghosn, and with Mitsubishi Motors. Honda has a tie-up with General Motors. Toyota has been looking to expand scale in next-generation technology and said this year it would offer free access to patents for EV motors and power control units. It believes that move would help it cut by as much as half the outlays for expanded electric and hybrid vehicle components in the United States, China and Japan. Supplying rivals would greatly expand the scale of production for hardware.

Toyota and Mazda in talks to build joint US auto plant

UPDATE: The Toyota-Mazda deal has been announced. A newer version of this story appears here. Toyota Motor Corp and rival Mazda Motor Corp are expected to announce plans on Friday to launch a joint venture and build a new U.S. assembly plant, a person briefed on the matter said. A new auto plant would be a major boost to U.S. President Donald Trump, who campaigned on promises to boost manufacturing and expand employment for American autoworkers. Japan's Nikkei reported on Thursday that Toyota would take a roughly five-percent stake in Mazda Motor Corp to develop key electric vehicle technologies and jointly build a factory in the United States. The deal could be announced as soon as Friday, the newspaper said. The person briefed on the matter, who was not authorized to speak to the media and requested anonymity, confirmed the Japanese carmakers were planning to build a large plant in a yet to be determined U.S. location and planned future joint efforts on electric vehicles. The same source declined to offer further details, however. Toyota, in a statement, said the two companies have been exploring various areas of collaboration under a May 2015 agreement. "We intend to submit a proposal to our board of directors today regarding the partnership with Mazda, however, we would like to refrain from providing further comment at this time," Toyota said in a statement issued by its U.S. operations. Mazda said in statement that "nothing has been decided yet" and added the company "will have a board meeting on this matter today. We cannot comment any further." Toyota, the world's second-largest automaker by vehicle sales in 2016 and Japan's dominant car company, has been forging alliances with smaller Japanese rivals for several years, effectively consolidating the Japanese auto sector. A new U.S. assembly plant would likely become the prize in a fierce competition among Midwestern and Southern states eager to expand manufacturing jobs. Trump in January criticized Toyota for importing cars to the United States from Mexico. The Republican president also threatened to impose a hefty fee on Toyota if it were to build its Corolla cars for the U.S. market at a plant in Mexico. "Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build plant in U.S. or pay big border tax," Trump said in a post on Twitter. But since January, Trump has praised Toyota for its U.S. investments.

Toyota promises a next-generation Land Cruiser is on its way

On sale since the 2008 model year and facelifted twice in the interim, the Toyota Land Cruiser has lately begun rolling out the special editions. Last year we got the 2019 Lexus LX Inspiration, this year we got the 2020 Land Cruiser Heritage Edition. This likely means a changing of the model guard is close, the 300-Series Land Cruiser on the horizon to replace the current 200-Series. When Motor Authority asked Toyota SVP Bill Fay about the U.S. getting the next generation, Fay replied, "We are fully committed to the Land Cruiser for the foreseeable future." The reason for the question could have been Land Cruiser sales figures for the past 14 years, when the model never cleared 5,000 units. The swankier Lexus LX sibling sells in greater numbers, but even lumping the two trucks, they've crested 10,000 sales just twice since 2005. On top of that, two of the largest regional markets for the Land Cruiser are Australia and the Middle East, which have different regulatory regimes, and the 2019 Highlander has a three-row option. Why carry on with the Land Cruiser here? Fay told MA the body-on-frame bruiser is a "heritage vehicle," a staple in the U.S. lineup since 1958. But the Cruiser that comes next is expected to LS-ify its powertrain formula, which means getting rid of V8s for V6s. The 5.7-liter V8 with 381 horsepower, 401 pound-feet of torque, and an EPA rating of 15 miles per gallon combined should go away. The 3.5-liter twin-turbo V6 in the Lexus LS 500 gets the nod to take its place, as the Land Cruiser make concessions to fuel economy and emissions standards. A poster on a forum said it's possible that a Dynamic Force version of that engine might appear. As is, that engine makes 416 hp and 442 lb-ft in the luxury sedan and is mated to a 10-speed automatic, the same transmission said to replace the current eight-speed in the Land Cruiser. Automotive mediums predict a hybrid Cruiser, too, potentially with the same 3.5-liter naturally aspirated V6 and 10-speed auto in the LS hybrid, putting out 354 combined horsepower in the sedan. Because there are so many Land Cruiser versions around the world, it's impossible to say whether V8 options will die globally. Land Cruiser fans, either through desperation or good intel, say that isn't the case.