Toyota Motor Corporation and Suzuki Motor Corporation are going ahead with plans to start exploring ideas directed toward business partnership, as first announced on October 12, 2016.

Earlier today, the two Japanese carmakers confirmed a memorandum of understanding (MoU) to jointly begin concrete examinations for partnership in areas including environmental, safety and information technologies, as well as mutual supply of products and components. To that end, the two companies are to immediately establish an implementation framework aimed at bringing to realisation the points agreed on today.

Suzuki’s infamous partnership with Volkswagen ended in a bitter legal battle resulting in the two companies parting ways far earlier than the deal set out, and Suzuki buying a 20% stake back from Volkswagen.

Toyota president Akio Toyoda said: "I am truly thankful for having been given this opportunity to work together with a company such as Suzuki, which overflows with the spirit of challenge. Toyota looks forward to learning much."

Toyoda has suggested that more partnerships of this sort could be on the horizon. “We would like to always keep our doors open for new partnership opportunities, which will contribute to the making of ever-better cars as well as to the development of the automotive industry," he said last year.

Suzuki chairman Osamu Suzuki said: "Under the leadership of president Akio Toyoda, Toyota was enthusiastic throughout our discussions regarding partnership, even though such was sought by Suzuki, which was concerned about the development of advanced technologies. We now stand at the starting point for building a concrete cooperative relationship."