Toyota Motor Europe (TME) and PSA Peugeot Citroen (PSA) have signed an agreement that will see the PSA supply light commercial vehicles to TME from mid 2013.
Under the agreement, PSA will produce a Toyota-branded medium-sized van based on its existing Peugeot Expert and Citroen Dispatch Jumpy that will be sold in the European market.
The deal will also see both the companies collaborate on the next generation of the light commercial vehicles, to be manufactured by PSA and TME to cover an appropriate share of development and equipment investment costs.
TME president and CEO Didier Leroy said that the company and PSA already make compact passenger vehicles for the European market under a joint-venture in the Czech Republic.
"We regard the light commercial vehicle market in Europe to be important for us and we aim to combine our strengths with PSA to meet the needs of European consumers," Leroy said.
PSA executive vice president of programmes Jean-Christophe Quémard said," We see this new agreement leading to a strengthening of both companies' competitiveness in the European light commercial vehicle market."