A memorandum of understanding (MoU) between the two Japanese carmakers to begin examinations for partnership in areas like environment, safety, information technologies and mutual supply of products and components was undertaken on February 6, 2017. Both immediately established an implementation framework aimed to bring to realisation the points they agreed upon.
From the time of the announcement of their partnership, challenges and collaboration areas have been discussed in a manner that promoted free and fair competition.
“I am truly thankful for having been given this opportunity to work together with a company such as Suzuki, which overflows with the spirit of challenge. Toyota looks forward to learning much,” said Akio Toyoda, president, Toyota. This is in the same spirit as what he said last year, “We would like to always keep our doors open for new partnership opportunities which will contribute to the making of ever better cars as well as to the development of the automotive industry".
“Under the leadership of president Akio Toyoda, Toyota was enthusiastic throughout our discussions regarding partnership, even though such was sought by Suzuki, which was concerned about the development of advanced technologies. We now stand at the starting point for building a concrete cooperative relationship,” said Suzuki chairman Osamu Suzuki.
A bitter legal battle ended Suzuki’s earlier partnership with Volkswagen. This resulted in the companies parting ways far sooner than planned. Suzuki also bought back its 20 percent stake from VW.