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GM, Isuzu to develop new pickup trucks
Thursday - 1/10/2013, 12:07am EST
TOKYO (AP) - Isuzu Motors Ltd. and its former shareholder General Motors Co. said Thursday that they plan to jointly develop new pickup truck models, reviving cooperation with an eye to fast-growing emerging markets.
Isuzu and GM issued statements Thursday announcing the cooperation 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 percent share of Isuzu in 1999 but dropped that share to 12 percent in 2003. In 2006, GM sold its remaining 7.9 percent share to two Japanese trading companies for $300 million.
News of the plan bumped Isuzu shares 3.8 percent higher on Thursday.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)