Toyota purchases Daihatsu

Toyota has purchased Daihatsu in a £2.1 billion deal as part of a push for new small and efficient vehicles from Toyota.

Daihatsu will become a wholly owned subsidiary of Toyota, but will reportedly retain its name and management structures

The purchase was announced at a press conference held by Toyota president Akio Toyoda and Daihatsu president Masanori Mitsui, which had a theme of environmental sustainability. New plans will reportedly see a number of small cars built using the respective strengths of each manufacturer, with a focus on making small efficient cars at low cost.

Toyoda said: "This is an opportunity for us both to stop feeling that we need to go it alone, and trust each other to take full advantage of our respective strengths. In other words, we can now focus on our core competencies. That, I believe, is the key to achieving and sustaining global competitiveness."

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