Suzuki and Daihatsu join Toyota EV joint venture

Suzuki Motor Corp and Daihatsu are joining a commercial electric vehicle coalition led by Toyota Motor Corp, the carmakers announced on Wednesday, helping the Japanese alliance expand its focus from trucks to smaller cars.

The two automakers will each acquire a 10% stake in the joint venture, on par with Isuzu Motors and Hino Motors , while Toyota will hold a 60% stake, they said.

The move comes as Japanese automakers face growing competition from tech giants and other rivals making electric and driverless cars.