CORRECTED: Subaru acquires 0.3% stake in Toyota to develop new technologies

Subaru Corp. said Wednesday it has acquired a 0.3 percent stake in Toyota Motor Corp. for about 70 billion yen ($673 million) under a capital tie-up deal reached between the two companies in 2019 to boost the joint development of new technologies for autonomous and electric cars. Toyota raised its stake in Subaru from 16.8 percent to 20 percent as planned in February last year, making the smaller automaker into its equity-method affiliate. Since then, Subaru’s earnings have been incorporated into Toyota’s consolidated financial statements. In September 2019, the two automakers also agreed to j…

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