Toyota Motor Corporation and Suzuki Motor Corporation have agreed to start discussing new joint projects in the fields of technological development, vehicle production, and market development in India.
Having signed a memorandum of understanding on February 6, 2017, the two companies have been pursuing concrete forms of cooperation and have announced the mutual supply of vehicles for the Indian market as well as other joint efforts.
The two companies have also been broadening the scope of their partnership considerations to include joint efforts related to production and market development.
According to the agreement, Toyota will provide Suzuki with technological support for a compact, ultra high-efficiency powertrain which will be developed by Suzuki.
The models which will be developed by Suzuki will then be produced by Toyota Kirloskar Motor Private Ltd. (TKM) for sale in India through each of the Toyota and Suzuki brand network.
Commenting on the joint venture, Toyota President Akio Toyoda said, "As members of Indian society, Toyota, along with Suzuki, will do its best to enhance freedom and fun in a future society of mobility and to make 'Make in India' vehicles cherished in Africa and in many other countries around the world."
He also added that Suzuki was among the first Japanese companies to enter India, responsible for pulling forward India's automotive society representing the nation’s 'Let's do it' and ‘Make In India’ initiatives.