Toyota and Suzuki have announced a new capital alliance, which they say cements "the long-term partnership between the two companies for promoting collaboration in new fields, including the field of autonomous driving".
As part of the new agreement, Toyota will buy 24 million newly allocated shares in Suzuki valued at roughly ¥96 billion ($1.34 billion). Once the transaction is completed Toyota will control 4.94 per cent of Suzuki's common stock.
In return Suzuki will acquire through the stock market ¥48 billion ($670 million) worth of shares in Toyota.
These share transactions will take place once it has been approved by foreign competition authorities.
Above: Toyota Glanza, a rebadged Suzuki Baleno.
In March this year the two automakers announced a wide-ranging model sharing and technology exchange partnership.
Under the deal, Toyota will supply Suzuki with hybrid drivetrain technology globally. Suzuki hybrids are likely to appear first in India, a market where the automaker has a passenger vehicle market share of over 50 per cent.
Across India and Africa vehicles will go the other way, with Toyota rebadging various made-in-India Suzuki models. Toyota's underused factories in India will also be put to work building Suzuki cars.
Toyota's sphere of influence in the Japanese auto industry has grown in recent years. In 2016 the company completed its takeover of Daihatsu.
Currently Toyota owns about 16.5 per cent of Subaru, and around 5.0 percent of Mazda.