The profound transformation of the industry, including the push into electric, connected and autonomous vehicles that has caused the Japanese automotive giant to rethink a fundamental tenet of its long-term strategy.
"They have changed from ultra-conservative to ultra-aggressive" when it comes to alliances, said Michael Dunne, a veteran Asian auto industry analyst, and CEO of Zozo Go, an auto consulting service that specializes in Asia.
The Japanese automaker formed a small alliance with PSA, the parent of Peugeot and Citroen, in 2012, significantly expanding it six years later. Among other things the new deal has PSA supplying Toyota with a new compact commercial van. "What has changed is the industry and the market and what is needed to succeed," said Stephanie Brinley, principle analyst IHS Markit. "You need access to skill set you may not have in house."
Toyota has had a few long-term relationships, notably an alliance with Daihatsu largely focused on Japan's unique Kei-car, or microcar, market. But even there, Toyoda decided to step things up, completely buying out Daihatsu in 2016.
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