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German-based Daimler AG and Japan's Toray Industries have joined forces to manufacture carbon fiber reinforced plastics (CFRP) for the automotive industry. Though the name of the joint venture has yet to be determined, Toray's stake will stand at 50.1 percent, Daimler's at 44.9, and other unnamed partners will hold a five-percent share.

Toray Industries, a leading producer of carbon fiber material, will begin supplying both Toyota and Fuji Heavy Industries (parent company of Subaru) with the lightweight product for use on upcoming vehicles. Toyota will reportedly use the carbon fiber to produce hoods and roofs for the Lexus LFA, a limited production sports car, and Fuji Heavy will offer optional carbon fiber roofs on several of Subaru's sportier offerings.