Toyota said on Wednesday that it and partners in a commercial vehicle partnership had kicked Hino out of the group over the scandal of falsifying emissions data.
It is the most severe measure announced so far by Toyota, which owns 50.1% of Hino, since the scandal broke in March.
The partnership, known as Trade Partnership Technologies of Japan (CJPT), was created in April 2021 by Toyota, Hino and Isuzu to facilitate technology development for commercial vehicles. Suzuki and Daihatsu joined in July of the same year.
“We believe Hino’s participation will cause inconvenience to interested parties and have decided that it is appropriate to expel Hino from the CJPT,” Toyota President Akio Toyoda said in a statement.
Hino’s 10% stake in CJPT would be transferred to Toyota, the statement said.
“We take this decision very seriously,” Hino said in response to the decision, adding that he is working to correct the issues that led to the misconduct.
With the expulsion, the automaker is left out of joint planning and other agreements in the partnership, Toyota said.
Toyota said Hino will “play a minimal role” in a previously announced project, which is expected to start in 2023, to develop light electric vans and trucks to transport goods between Tokyo and Fukushima Prefecture.
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
