P.M. Briefing : Daihatsu Plans Italian Venture

Daihatsu Motor Co. of Japan said today it has reached an agreement to set up a joint venture with Piaggio V. E. SpA of Italy to produce pickup trucks and vans in Pisa.

The venture is to be capitalized at about $27 million. Piaggio will own 51% of the venture, while 49% will be held by Daihatsu, according to a Daihatsu official.

Daihatsu is part of the Toyota Motor group. Toyota Motor Corp. is Japan’s largest auto maker.

The venture will build a plant capable of producing 35,000 Daihatsu and Piaggio model trucks and vans a year by December, 1992, at an estimated investment of $59 million, the official said.

He said the vehicles will be marketed in Italy and other European nations under both the Daihatsu and Piaggio brands.

Daihatsu exported 55,500 vehicles, including 870 mini-trucks, in 1989, the official said.