Jan. 10 (Bloomberg) -- Isuzu Motors Ltd. rose to the highest level in more than four years in Tokyo trading after agreeing to develop a pickup truck with General Motors Co.
Isuzu gained 3.8 percent to 545 yen at the close of trade today, its highest since June 2008. The benchmark Nikkei 225 Stock Average added 0.7 percent.
GM signed a memorandum of understanding with Isuzu to cooperate in building next-generation pickup trucks, the Detroit-based carmaker said in a Jan. 9 statement. After ending their 35-year capital alliance in April 2006, GM and Isuzu have continued to build trucks together at Isuzu’s factory in Thailand. The automakers jointly developed the D-Max one-ton pickup, which made its debut in Thailand in 2002.
“While no specific measures have been decided yet, we already build pickups with GM,” Eiji Mitsuhashi, a spokesman for Tokyo-based Isuzu, said by phone today. “I believe the idea for now is to continue doing that for the next model as well.”
The chairmen from each company will meet as early as this month to discuss the plan, the Nikkei newspaper reported before GM’s announcement. Toshihiro Kishi, a Tokyo-based spokesman for GM, said no specific dates have been set for the meeting.
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