FILE PHOTO: The logo of Swedish car manufacturer Volvo, is to be seen on a Stierli Automobile AG is a company in California. Erhard, Switzerland, April 11, 2019. REUTERS/Arnd Wiegmann
TOKYO (Reuters) – Japanese truck maker Isuzu Motors plans to take over the relationship with sweden’s Volvo AB, for the development of next-generation technologies, such as electrification and autonomous driving, as the japanese newspaper Yomiuri reported on Wednesday.
Isuzu, ” said President Masanori Katayama will hold a news conference at 0600 GMT to Tokyo to have a “party”, but did not elaborate.
The Japanese maker of small and medium enterprises in the trucks, it is specialized in diesel technology, but has also committed to the development of electric vehicles in the next few years.
Vehicle-makers will be faced with a major shift in the global auto industry, where the advent of electric cars, self-driving cars, as well as on-demand services, which have forced companies to invest heavily in new technologies.
This has led to a number of car-makers and then tap on rival co-operation, and mergers.
A co-operation between Isuzu and Volvo’s plant in Japan, UD Trucks, are in production, it is likely to be considered in the future, the newspaper said.
In response to the report, Isuzu shares jumped 3% in midday trading.
Reporting by Chris Gallagher; Editing by Himani sarkar and Arun Koyyur