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GM Sells Subaru Stake to Toyota

Toyota Tightens Its Grip on the Hybrid Battery Supply




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October 5, 2005
Whether General Motors is losing its grip may be open to debate but there's no doubt Toyota is tightening its grasp on the worldwide auto market and positioning itself to become the world leader in family cars and light trucks.


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The latest examples: Subaru and the components needed to manufacture fuel-frugal hybrids. General Motors is letting its 20 percent stake in Fuji Heavy Industries, which makes the popular Subaru sport wagons and sedans, slip through its fingers, selling its stake to Toyota for for about $315 million.

In a separate transaction, Toyota is expanding its ownership of Panasonic EV Energy Co. from 40 percent to 60 percent, effectively making it a subsidiary. Panasonic is a key supplier of hybrid batteries.

Subaru First, Saab Next?

GM and Fuji Heavy are not dissolving their relationship completely. They say they will continue to jointly produce the Saab 9-2 sport wagon but Fuji said plans for a Saab SUV-wagon crossover were being canceled and the fate of other key projects is in doubt.

Instead of taking on new projects with GM, Fuji President Kyoji Takenaka said the company would meet with Toyota to map out future deals. Toyota said it would have bought a bigger share of Fuji except that it already has 45 percent of the Japanese car market and did not want to arouse antitrust concerns.

Whatever its long-term implications, the sale of GM's stake in Fuji gives it some much-needed breathing room, relieves some competitive pressure and improves its cash position considerably.

Batteries Charged

The Panasonic deal ensures that Toyota won't run short of the powerful batteries that power its increasingly popular gas-electric hybrids. Other car manufacturers were already complaining that Toyota and other Japanese companies were locking up crucial hybrid supplies.

Toyota has sold 470,000 hybrids worldwide since rolling out its first model in 1997. It has just launched a $30 million ad campaign in the U.S. touting its leadership in the hybrid market.

Hybrids save fuel but, as drivers are learning, the higher cost of the little cars can quickly wipe out the savings at the pump. Toyota hopes to reduce its production costs so that it can ease off of hybrid pricing. The Panasonic acquisition is a key step in that direction.

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