Those three automakers combined control 80% of Japan’s truck market.
The addition of Daihatsu and Suzuki strengthens the partnership, and the manufacturers may work together in developing electric models together, the companies said.
Under the latest deal, Suzuki and Daihatsu will each acquire a 10% stake in the Commercial Japan Partnership Technologies Corp. joint venture.
Capitalized at 10 million yen ($91,000), it will be 60% owned by Toyota, and 10% each by Isuzu, Hino, Suzuki and Daihatsu, by the end of July.
Toyoda acknowledged that the companies are rivals, but need to collaborate to benefit customers.
Working together can help automakers cut costs and boost efficiency. Kei models also hold potential for other parts of Asia, such as India, where Suzuki is a major player.
Toyota and Suzuki have had a partnership in small cars since 2016, and they entered a capital tie-up in 2019.
Suzuki President Toshihiro Suzuki said he saw kei as “works of art” crucial to Japanese society.
“I was so happy to learn President Toyoda had the same vision as me,” Suzuki said.
Yuri Kageyama is on Twitter https://twitter.com/yurikageyama