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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 Mirai offers promising tech, unfortunate looks

Is there some rule that all cutting-edge, ultra-efficient or emissions-free vehicles need to look, uh, weird? No? Then would anyone care to explain the Toyota Mirai, a vehicle that for all it's hugely, wildly promising technology, will forever be pigeonholed based on its odd styling? Looks aside, the Mirai represents a big gamble for Toyota, which isn't only selling a hydrogen-powered car – a risky venture in itself – but teaming up with Air Liquide to build 12 hydrogen filling stations across the northeast. And once that's done, it plans on leasing the $57,000 sedans for just $499 month, a figure that includes free hydrogen (there is a reason for that, though). Like we said, this is a big gamble. Of course, we still can't get over its looks, which you can more closely analyze in our live gallery, available above. Have a glance. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. THE FUTURE HAS ARRIVED, AND IT'S CALLED MIRAI President Akio Toyoda announces name of fuel cell sedan in web video CEO Jim Lentz announces expansion of Toyota fuel cell infrastructure investment to five-state Northeastern corridor NEWPORT BEACH, Calif., (Nov. 16, 2014) – Akio Toyoda has seen the future, and it's called "Mirai." That's the name of Toyota's new fuel cell vehicle, which the company's president announced in a video released the night before the car's official launch. Mirai, which means "future" in Japanese, represents a turning point for the automotive industry. The groundbreaking vehicle can travel up to 300 miles on a single tank of hydrogen, refuel in less than five minutes and emits only water vapor. Expanded Support for New Hydrogen Stations Of course, the car of the future won't become a reality without the hydrogen stations to support it. That's why Toyota North America chief executive officer (CEO) Jim Lentz announced a new commitment to drive the development of a hydrogen refueling infrastructure in five northeastern U.S. states. To support Mirai's introduction to the region in 2016, Toyota is collaborating with Air Liquide to develop and supply a phased network of 12 state-of-the-art hydrogen stations targeted for New York, New Jersey, Massachusetts, Connecticut, and Rhode Island. The states and locations have been strategically selected in the greater New York and Boston areas to provide the backbone of a hydrogen highway for the Northeast corridor.

Toyota FT-1 hints at Supra, more aggressive hybrids

Toyota showed off the new FT-1 performance concept at the 2014 Detroit Auto Show today, and the obvious story angle is that this is the new Supra. That's enough weight for most concept cars to carry, but then we thought about it a bit more - FT-1 stands for "Future Toyota 1," after all - and re-read the hints Toyota is dropping about how the FT-1 fits into the company's future. Put all the pieces together, and we think there's a chance Toyota's hybrid models are about to get a whole lot cooler. Technically, the FT-1 is an EV, but that's just because all it has for a powetrain is a small battery and motor to move it around on stage. This concept doesn't even have a proposed powertrain, but a production Supra could have any number of powerplants under the hood (V6, V8, hybrid and inline-six are all mentioned by Automotive News). We also like the big red start button on the steering wheel, which owes at least a little to the blue start button in the Prius. What we're more interested here is what this sleek red beast could do for the look of Toyota's hybrids. The FT-1 could change how Toyota designs cars in the future. To make the FT-1, Akio Toyoda, the president and CEO of Toyota Motor Corporation, apparently challenged Toyota's Calty Design Research team to create a car with passion and "a palpable heart-pounding sense of excitement." Instead of making design decisions "by consensus among a large group of stakeholders," the company says "the [design] approval process has been streamlined. This new approach aims to produce cars that connect more deeply with customers." There was a sense in Detroit today that the FT-1 heralds a change in how the company designs cars in the future. The FT-1 is apparently not the result of Toyota's hybrid supercar partnership with BMW, but we know that Toyota isn't a total stranger to a high-performance hybrid category, having built the TS030 hybrid Le Mans race car. For an on-road gas-electric from the company, though, we're much more used to the egg-shaped Prius. While Toyota has backed off a 2003 pledge to make every model a hybrid, it has said that it wants gas-electrics powertrains to proliferate throughout the line-up. And, if the FT-1 previews a new Toyota look, then at least some of those hybrids will benefit from some of the good looks on display in Detroit.