Rival Japanese automakers Toyota and Suzuki have initiated formal talks on a wide-ranging strategic partnership, and analysts are welcoming an alliance.
Executives at the carmakers are exploring the possibility of cooperation in areas such as shared procurement, environmental and safety technologies and in IT.
« I am truly thankful for having been given this opportunity to work together with a company such as Suzuki, which overflows with the spirit of challenge, » Toyota President, Akio Toyoda, said in a news release .
While key elements of the partnership are still lacking detail, the move to begin « concrete examinations » of a deal comes after the two carmakers said in October that they were considering a formal tie-up.
« Toyota was enthusiastic throughout our discussions regarding partnership, even though such was sought by Suzuki, which was concerned about the development of advanced technologies, » Suzuki Chairman, Osamu Suzuki, said in the release.
The manufacturers are also looking at opportunities to partner on the mutual supply of products and components, but no formal detail has been announced.
