Toyota CEO Katsuaki Watanabe confirmed rumors on Thursday by announcing the Japanese auto giant will increase its stake in Fuji Heavy Industries to 16.5 percent. The CEO also revealed the as-yet unnamed rear-wheel drive sports car it is developing in conjunction with Subaru will be built at a new facility due to open late in 2011 next to Subaru’s Gunma Oizumi engine and transmission factory. Toyota’s 7.8 percent increase in FHI cost it around an equivalent $311 million.
Under the deal, Toyota will supply Subaru with a compact car as well as a minicar from Toyota’s affiliate, Daihatsu, with an engine no bigger than 660cc as Subaru is phasing out its own minicar production, according to Automotive News.
As for the upcoming sports car itself, little was revealed, apart from the launch date and pricing that will be “not prohibitively high,” according to Watanabe. Fuji Heavy President Ikuo Mori did say he drove the car, however. “I’m confident we have an excellent car,” Mori said.
“Fuji Heavy is a very reliable partner. I hope to identify new areas for collaboration as we continue with the relationship,” said Watanabe, citing the successful relationship between the two with Subaru’s Indiana plant assembling the Toyota Camry .
