GM, Isuzu to develop new pickup trucks
TOKYO - Isuzu Motors Ltd. and its former shareholder General Motors Co. said Thursday that they plan to jointly develop new pickup truck models, reviving co-operation with an eye to fast-growing emerging markets.
Isuzu and GM issued statements Thursday announcing the co-operation but gave no details.
Tokyo-based Isuzu, a mid-sized automaker specializing in small trucks, commercial vehicles and diesel engines, produces pickup trucks in Thailand and is relatively strong in Southeast Asia.
GM and Isuzu first formed an alliance in 1971. GM acquired a 49 per cent share of Isuzu in 1999 but dropped that share to 12 per cent in 2003. In 2006, GM sold its remaining 7.9 per cent share to two Japanese trading companies for $300 million.
News of the plan bumped Isuzu shares 3.8 per cent higher on Thursday.