Updated: 08/08/12 : 09:10:24
Toyota Motor Europe and PSA Peugeot CitroŽn have announced a new agreement on light commercial vehicles for the European market.
Under the plan, PSA Peugeot CitroŽn is to supply Toyota with light commercial vehicles for sale in Europe under the Toyota brand.
PSA Peugeot CitroŽn will supply Medium Size Vans derived from its existing vehicles Peugeot Expert and CitroŽn Jumpy.
The supply of vehicles will commence from mid 2013.
The agreement also includes collaboration on next-generation vehicles, which are to be produced by PSA Peugeot CitroŽn.
The collaboration is expected to last beyond 2020.
Toyota Motor Europe will participate in the development and industrial investment costs for the next generation product.
There are no plans for the two companies to enter into capital tie-ups or joint production.
"The Light Commercial Vehicle segment is an important one for us in many markets throughout Europe," said Toyota Motor Europe President and CEO Didier Leroy.
"By joining forces with PSA Peugeot CitroŽn, we have found a good solution for our loyal customers following the recent discontinuation of our own Hiace model.
"We already enjoy a successful joint-venture partnership with PSA Peugeot CitroŽn in the small car segment and they are a leader in the European light commercial vehicle market, with a solid reputation for quality and versatility."
"We are delighted to announce today the enlargement of the scope of our successful cooperation with Toyota. This agreement launches the development of a new generation of mid-size Light Commercial Vehicle offering both companies a competitive product for the European market," said Jean-Christophe Quťmard, PSA Peugeot CitroŽn Programmes Executive Vice President.