Automotive

Published on January 21st, 2021 | by Amirul Mukminin

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Subaru Acquires 9 Million Shares In Toyota

Subaru Corporation has announced the completion of the acquisition of 8,973,700 shares worth 70 billion yen (RM2.7 billion) in Toyota Motor Corporation. This latest development follows the business and capital alliance agreement announced back in September 2019, which saw Toyota increasing its stake in Subaru to 20%.

The partnership between the two Japanese automakers, which was first struck in 2005, has included contract production of Toyota vehicles by Subaru of Toyota vehicles and supply of vehicles to Subaru by Toyota. The rear-wheel-drive Toyota 86 and Subaru BRZ were also born out of this collaboration.

Toyota and Subaru will take their long-term relationship to the next level with an agreement to co-develop a dedicated battery electric vehicle (BEV) platform, which will be utilised to underpin a new electric SUV in the C-segment. Both automakers will also continue developing the next-generation BRZ and 86.

In addition, following the Crosstrek Hybrid, Subaru will seek to expand the use of the Toyota Hybrid System in its other models. Finally, Toyota and Subaru are also set to work hand in hand in the domain of connected vehicles and technical collaboration in the field of autonomous driving.

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PRESS RELEASE

Subaru Corporation (Subaru) hereby announces that it has completed acquisition of shares of Toyota Motor Corporation (Toyota) in accordance with the business and capital alliance agreement announced in the news release titled “Toyota and Subaru Agree on New Business and Capital Alliance” dated September 27, 2019. Details are set out below.

1. Outline of share acquisition

(1) Total number of shares acquired: 8,973,700 shares
(2) Total value of shares acquired:  Approximately 70 billion yen
(3) Method of acquisition: Acquisition through off-market transactions
(4) Period of acquisition: From November 27, 2020 to January 15, 2021

2. Outlook going forward

This acquisition of shares will not have any influence on the forecasts for Subaru’s consolidated financial performance for the fiscal year ending March 31, 2021.

Subaru will continue its efforts to further advance and strengthen the long-term relationship between the two companies.

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