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Toyota to boost its Subaru stake to more than 20%

TOKYO — Toyota Motor Corp plans to raise its stake in Subaru Corp to more than 20% from around 17% now, a deal that would also see the smaller firm invest in Japan's top automaker, two people with direct knowledge of the matter said on Friday. The deal is due to be approved at a Toyota board meeting on Friday, the people said, declining to be identified because the information has not been made public. The investment would come a month after Toyota and another smaller Japanese automaker, Suzuki, said they would take small equity stakes in each other. Such tie-ups highlight how automakers are scrambling to chase scale, manage costs and boost development. Traditional car makers, especially smaller ones like Subaru and Suzuki, are struggling to meet the fast pace of change in an industry being transformed by the rise of electric vehicles, ride hailing and autonomous driving. Toyota's investment is likely to cost more than 70 billion yen ($650 million) based on Subaru's stock market value, said the Nikkei business daily, which first reported the news. Subaru is likely to reciprocate with a stake in Toyota that would roughly equal the value of Toyota's additional investment, one of the people told Reuters. The companies have long worked together on projects such as the Toyota 86 and Subaru BRZ twins. At one time, Subaru built Toyota Camrys in its Indiana plant. Representatives for both Toyota and Subaru said the news was not something that had been announced by their companies. "The plan appears to be to ultimately make Subaru a fully owned subsidiary, to help create a 'mega Toyota.' This is the first step towards that," said Takeshi Miyao, managing director of Carnorama, a consultancy. "It's all about building scale." Subaru is particularly strong in sport-utility vehicles (SUV) and all-wheel-drive technology. The two automakers in June said they planned to jointly develop an electric sport-utility vehicle on a platform produced together, to split costs. Car markers around the world have been joining forces to slash development and manufacturing costs of new technology. Ford Motor Co and Volkswagen AG have said they will spend billions of dollars to jointly develop electric and self-driving vehicles. Toyota seems to be particularly keen to build scale now by investing in smaller, domestic automakers, rather than forging cross-border tie-ups like some of its rivals.

Toyota's 'Fueled by Oil Creek' gases up hydrogen's history

Hey, Toyota. We got a question for you. If you're using a small Pennsylvania town to highlight the technological and ecological advances of the Toyota Mirai hydrogen fuel-cell electric vehicle, why are those vehicles going to be sold only in California this fall? The Japanese automaker has released an online documentary video (the second in a series) showing what advantages hydrogen fuel-cell vehicles have over gas-powered vehicles, and uses Titusville, PA, as a backdrop. Some students from that town, which was an oil boomtown in the 19th century, take water from that town's Oil Creek (ah, symbolic), uses electrolysis to split that water into hydrogen and oxygen gases, then shows how the resulting hydrogen can power a Toyota Mirai for as far as 300 miles. Fueled by Oil Creek runs about five minutes. Toyota debuted sales of the Mirai last year in Japan and will start selling the car in California in October. The model will be priced at $57,500 and will be offered with a three-year lease option of $499 a month (with $3,649 due at signing). Toyota also said earlier this year that it would spend about $170 million upping production capacity for the Mirai. Take a look at Toyota's press below and watch the video above. Petroleum Past Helps Fuel Hydrogen Future Water from Pennsylvania's Oil Creek Becomes Hydrogen Fuel for Mirai Second Video in Toyota's "Fueled by Everything" Series June 03, 2015 TORRANCE, Calif. (June 3, 2015) – A creek, a little high school chemistry, and a former oil boom town open to a hydrogen-fueled future. This is the story of "Fueled by Oil Creek," the second online video in Toyota's multi-part "Fueled by Everything" series aimed at highlighting renewable sources of hydrogen fuel, leading up to launch of the 2016 Toyota Mirai. Directed by Oscar-winning documentary filmmakers T.J. Martin and Dan Lindsay, the 5-minute video takes viewers to Titusville, Pennsylvania where, in 1859, an oil well changed the American energy landscape. Flash forward to 2015. Local high school students in the film collect water from the aptly named Oil Creek for a lesson in electrolysis, separating water into oxygen and hydrogen gas using an electric current. The resulting hydrogen gas powers the hydrogen fuel cell electric Toyota Mirai to travel up to 300 miles on a full tank. The only tailpipe emission is water, just like the fuel source.

Toyota preparing Scion-badged Nissan Juke fighter

As we've said on multiple occasions, the sub-compact crossover market is The Next Big Thing™. With that in mind, Toyota's lack of a competitor to the new breed of super-small, super-cute crossovers like the Nissan Juke, Honda HR-V, Mazda CX-3, and Jeep Renegade has been especially glaring. But as these photos show, the hole in the Japanese giant's lineup could soon be filled. Our spies captured this heavily disguised prototype testing in the deserts of the American southwest, signaling that Toyota is preparing to wade into the Nissan Juke's space by offering a tiny, but very heavily styled crossover of its own. Our spy photographers call the cute ute's look "aggressive," citing inspiration from the Toyota C-HR concept from the 2014 Paris Motor Show. Based on the meaty wheels and tires and what we can see through the camo, we're inclined to agree with their assessment. Underneath that sheet metal, we're told the new car rides on Toyota's new NGA platform. Like the Juke, a four-cylinder engine and continuously variable transmission will be on offer, although there's no telling whether Toyota will follow its rival's enthusiast beat and offer a six-speed manual version. What we find most interesting about all of this conjecture, though, is what it means for Scion, rather than its parent. Introducing a small crossover is the next logical step for Toyota's troubled sub-brand, and would serve as a delectable followup to the recently released iA sedan and iM hatch. Such a three-model lineup, when combined with the enthusiast-oriented FR-S, would transform Scion into a force to be reckoned with in the entry level space. Supporting this conjecture isn't too hard, either. As the spy photos show, this camo'd tester is being supported by a xB, the closest thing Scion (or its parent company, for that matter) have to a sub-compact CUV. It's unclear just when this new model will make its debut, but if Toyota hopes to make inroads into this popular new segment, this CUV will need to arrive before its extremely competent rivals can establish a solid foothold. Related Video: