TOKYO, Aug. 1 (Xinhua) -- Japan's 10-year best selling manufacturer of light vehicles Daihatsu Motor Co. became a wholly owned unit of Toyota Motor Corp. on Monday.
Toyota, which previously owned about 51 percent of Daihatsu, confirmed on Monday that it has acquired the rest of Daihatsu shares through an equity swap.
Daihatsu shares have been delisted from the Tokyo Stock Exchange since July 27, but the brand of Daihatsu will continue to exist.
Toyota, facing fierce competition in Asian market, hopes to acquire a competitive edge in subcompact car business, especially in the emerging market, through strengthening cooperation with Daihatsu.
Daihatsu, meanwhile, hopes to get more resources and expertise from Toyota by becoming a wholly owned unit of the company instead of just a subsidiary.
Daihatsu is one of the oldest Japanese car manufacturers with roots that trace back as far as 1907. It became a subsidiary of Toyota in 1998.
Daihatsu is well known for its smaller models and off-road vehicles and has been Japan's best selling manufacturer of light vehicles for 10 consecutive years since 2006.
