Japanese automakers Toyota, Suzuki to form capital tie-up -NHK
TOKYO, Aug 28 (Reuters) - Japanese automakers Toyota Motor Corp 7203.T and Suzuki Motor Corp 7269.T plan to form a capital tie-up, public broadcaster NHK reported on Wednesday, saying the decision was made at a board meeting.
The automakers in 2016 said they were exploring a partnership, citing technological challenges and the need to keep up with consolidation in the global auto industry.
Suzuki, which specialises in affordable compact cars, had been struggling to keep pace with the huge costs of investing in research and development for automated driving functions.
The pair earlier this year announced a tie-up to produce electric vehicles and compact cars for each other to better compete with fast-changing technologies in the global auto industry.
(Reporting by Elaine Lies; Editing by Christopher Cushing)