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Toyota Motor Corp (NYSE:TM) and Daihatsu Motor Co., Ltd have decided to reform the overseas business structure of both companies.
Toyota plans to make Daihatsu a mobility company centered on mini vehicles going forward.
The Emerging-market Compact Car Company, which spanned the organizations of both Toyota and Daihatsu until now, will be dissolved.
Toyota will put in place a structure to thoroughly prevent the recurrence of procedural irregularities at Daihatsu.
Toyota will take over overseas businesses from development to certification, and Daihatsu will be commissioned to handle the actual development.
Daihatsu's business and product management function will be transferred to the Business & Sales Unit of Toyota.
Other areas related to subcontracting, including resource management and optimization, will also be reported to Toyota to strengthen the partnership.
Daihatsu has been a wholly-owned subsidiary of Toyota since 2016, reported Bloomberg. Fault in safety certifications pushed Daihatsu to pause all its vehicle shipments, noted the report.
Price Action: TM shares closed higher by 0.66% at $240.74 on Friday.
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Posted In: TM
