Toyota Tsusho : Strengthens Collaboration with TOYOTA Connected toward Expansion of Connected Service Business in Middle East Region- Increasing investment in TOYOTA Connected Middle East FZCO, a company which undertakes business in connected services -
February 25, 2021 at 05:08 am
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Toyota Tsusho Strengthens Collaboration with TOYOTA Connected toward Expansion of Connected Service Business in Middle East Region
- Increasing investment in TOYOTA Connected Middle East FZCO, a company which undertakes business in connected services -
2021-02-25
Toyota Tsusho Corporation ('Toyota Tsusho') announced today that it has invested in TOYOTA Connected Middle East FZCO ('TCME')--a company which undertakes business in connected services for mobility in the Middle East region--through receipt of allocated third party shares. Toyota Tsusho has acquired 51% of TCME's shares with an additional investment of approximately 250 million JPY. At the same time, TCME has changed its name to Toyota Tsusho Connected Middle East FZCO on February 1st.
1. Background
In the mobility domain, the market for services is expanding and needs are diversifying. As such, the importance of establishing infrastructure and developing businesses necessary for connected services supporting such expansion and diversification is increasing globally. At the same time, in the deployment of connected services for ride sharing and logistics service providers, it is necessary to develop systems and design services that both reflect the circumstances and needs of each region and service provider while collaborating with local operators.
2. Purpose of the Investment
In the Middle East region, Toyota Tsusho has more than 10 years of achievements in developing projects for products and services reflecting local needs such as remote air conditioning control and car infotainment systems capable of connected services (including Google POI*1 search function). Its partner, TOYOTA Connected, jointly established TCME with Toyota Tsusho in 2013. Since then, TOYOTA Connected has been providing connected services and carrying out customer management and operation support in the Middle East region. This time, an additional investment was made in TCME to further grow the collaboration that utilizes TOYOTA Connected's system development and operation expertise and Toyota Tsusho's local sales system and sales expertise.
Going forward, in addition to providing services for individuals, services targeting company-owned vehicles and vehicles of logistics and ride sharing service providers (including fleet management*2) will be enhanced. In addition, there are also plans to develop new services for automotive distributors as well as ride sharing and logistics service providers in the Middle East region through collaborating with Toyota Tsusho Mobility Informatics Pte. Ltd., the connected service R&D base established in Singapore in January 2020.
*1 Google POI, which stands for point of interest, is a function of the Google Maps platform for displaying icons and explanations about major locations.
*2 Fleet management is an administrative approach that allows companies to organize and coordinate commercial vehicles in order to increase productivity and help a business operation as smoothly as possible.
Overview of new company
Company name
Toyota Tsusho Connected Middle East FZCO ('TTCME')
Toyota Tsusho Corporation published this content on 25 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2021 05:07:04 UTC.
Toyota Tsusho Corporation is a diversified group organized around 7 areas of activity:
- production of metal (24.1% of net sales): steel bars, flat steel, wires, pipes, aluminum, etc.;
- manufacturing of chemical products and electronic components (23.2%);
- production of automobile components and accessories (12.4%). Toyota Tsusho Corporation also offers logistics services and tire assembly services;
- manufacturing of industrial machines equipment and gas (10.9%);
- sale of vehicles (7.9%): private cars, vans, heavy vehicles and motorbikes/scooters. The group also sells spare parts and offers after-sales services;
- manufacturing of food products (7.7%);
- other (13.8%): sale of insurance products (life, health, accident and house), accommodation services, sale of medical equipment and services, sale of textile products and office supplies.
Net sales are distributed geographically as follows: Japan (30.8%), China (14.4%), Africa (13.7%), the United States (9.8%) and other (31.3%).
Toyota Tsusho : Strengthens Collaboration with TOYOTA Connected toward Expansion of Connected Service Business in Middle East Region- Increasing investment in TOYOTA Connected Middle East FZCO, a company which undertakes business in connected services -