Japan’s top carmaker, Toyota, and smaller rival Suzuki have announced they are partnering in the development of autonomous car technology.
The move comes as car manufacturers around the world grapple with innovations in the industry – and these innovations are being released by global car manufacturers as well as well as tech companies like Google and Beijing-based search company Baidu. There are also much smaller players entering the market, such as start-ups Zoox and Nutonomy, proving that driverless car innovation is not just for large global car makers.
The latest partnership announcement states that Toyota will take a 4.9% stake in Suzuki Motor Corp, valued at 96 billion yen (£744 million), and Suzuki will make a 48 billion yen (£372 million) investment in Toyota.
The two companies intend to achieve sustainable growth by overcoming new challenges surrounding the automobile sector by building and deepening cooperative relationships in new fields while continuing to be competitors, in addition to strengthening the technologies and products in which each company specialises and their existing business foundation.Statement issued by Suzuki & Toyota,
In 2017, Toyota and Suzuki agreed to work together in ecological and safety technology. The partnership between the motor giants signals the pace of research and development in this area, as well as the level of competition amongst companies to develop cutting-edge autonomous car technology.
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