Toyota Motor Corp and Suzuki Motor Corp on Thursday agreed to produce cars for each other in India as Toyota aims to increase its market share in the fast-growing country dominated by its smaller rival.
The agreement, which follows an R&D partnership announced by the two Japanese automakers a year ago, will see Toyota secure production from Suzuki. The latter dominates India with its line-up of affordable compact cars, while Toyota has struggled to expand its presence in the market due to lean demand for its models.
