Does Toyota own any part of Subaru?
Yes. Toyota holds a significant minority stake in Fuji Heavy Industries, the parent company of Subaru, giving Toyota a sizable ownership interest in Subaru’s corporate umbrella while Subaru remains independently operated.
Historically, Toyota’s investment began in 2008 and evolved into a broad strategic partnership that includes joint vehicle development and technology collaboration. The arrangement is non‑controlling and does not involve a merger, but it does position Toyota as the largest single shareholder in Subaru’s parent company. This article explains the ownership structure, its history, and what it means for Subaru today.
Ownership structure and timeline
Key facts about the ownership structure and how it has developed over time.
- Initial stake: In 2008, Toyota acquired about 16.5% of Fuji Heavy Industries, the parent company of Subaru.
- Stake evolution: The investment was expanded over the years, with Toyota generally reported as holding around 20% of Fuji Heavy Industries/Subaru Corporation.
- Corporate branding: Fuji Heavy Industries rebranded its corporate entity as Subaru Corporation in 2017, aligning the parent company’s name with the Subaru brand.
- Control and governance: Toyota remains the largest single shareholder, but Subaru operates independently with its own management and board.
- Board presence: Toyota maintains representation within Subaru’s governance framework through its stake, without exerting direct control over day‑to‑day operations.
These points illustrate the scale and nature of Toyota’s investment: meaningful influence as a leading shareholder, coupled with ongoing independence for Subaru’s management.
Historical milestones of the partnership
A concise timeline of notable events in the Toyota–Subaru relationship.
- 2008: Toyota announces a minority investment of about 16.5% in Fuji Heavy Industries (the parent of Subaru).
- 2017: Fuji Heavy Industries adopts the Subaru Corporation name as part of a corporate consolidation and branding effort.
- 2019–2024: Toyota’s stake remains around 20%, and the two companies deepen collaboration on vehicle development and technology, including joint projects around performance cars and future mobility technologies.
The timeline shows how a minority stake evolved into a durable strategic partnership without a merger or full consolidation of control.
Current status and areas of collaboration
Here are the main ways Toyota and Subaru collaborate, and what that means for ownership and governance.
Key areas of joint work and common interests include the following.
- Joint development of performance cars, notably the Toyota 86 / Subaru BRZ sports car pair that has tied the brands together for years.
- Collaboration on electrification, propulsion technology, and future mobility initiatives, leveraging shared engineering resources.
- Coordinated supply chains and component sharing for efficiency and scale.
- Continued independence in day‑to‑day operations, with Subaru maintaining its own brand identity and governance, while Toyota remains the largest single shareholder.
These collaborations illustrate a robust strategic partnership that advances both companies’ technology and product portfolios while preserving Subaru’s separate corporate structure.
Summary
In brief, Toyota holds a significant minority stake—historically around 16.5% and commonly cited near 20%—in Fuji Heavy Industries, the parent company of Subaru (now Subaru Corporation). This makes Toyota the largest single shareholder, but Subaru remains independently managed and not owned outright by Toyota. The two firms maintain an active strategic partnership that includes joint vehicle development and technology collaboration, with no merger or takeover in sight.
