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.
04/10, 12:37 PM
posted by:
RaineMan
Hey… Subaru’s plant is building the Camry. I knew that the WRX and Camry looked eerily similar.
So much for the Scoobies being unique and different in the automotive world.
04/10, 12:52 PM
posted by:
400horseSS
I cant wait to see this test tube baby.
04/10, 1:11 PM
posted by:
Fletch
FHI has been looking for a sombody to take a big stake in the company since GM dumped their 20% a few years back to raise capital. When you are big and have lots of money (like Toyota right now) you invest in multiple companies and wait for one of them to give you a big return.
04/10, 3:00 PM
posted by:
Need4SSpeed
I just Hope Toyota doesn’t screw it up. I have very high hopes for this car, also in possibly buying one. Also will the Subaru variant be making it stateside too?
04/10, 3:21 PM
posted by:
johnnycanuck
Great. One company that builds appliances with wheels and another that can’t style worth a **** period collaborating on a sports car.
04/10, 3:24 PM
posted by:
howsmydriving
An as-yet unnamed rear-wheel drive sports car — bring it on.
04/10, 3:29 PM
posted by:
johnnycanuck
Hope you’re right, but I for one will not be saving a load up in anticipation.
04/10, 3:54 PM
posted by:
Need more oil for GM
Subaru has sealed its fate being partnered up with that bunch of losers at Toyo-town. Had they been under GM still, they would have infinite success under the brilliant leadership of Bob Lutz and Rick Wagoner. Now they are just trash sitting on the street waiting to picked up. The Japs are going down fast, starting with Toyota.
04/10, 9:43 PM
posted by:
The Stig
“Heavy is good, heavy is reliable.”
- Boris the Blade