European wing of Toyota Motor and PSA Peugeot Citroën recently announce a new agreement on light commercial vehicles for the European market. Under this deal, PSA Peugeot Citroën is to supply Toyota with light commercial vehicles for sale in Europe under the Toyota brand.
The initial stage of this tie up will commence in the second quarter of 2013 when PSA Peugeot Citroën will supply Medium Size Vans derived from its existing vehicles Peugeot Expert and Citroën Jumpy. The agreement also includes collaboration on next generation vehicles which are to be produced by PSA Peugeot Citroën. The collaboration is expected to last beyond 2020. Also, Toyota Motor Europe willbe seen playing a vital role 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 Citroën, 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 Citroën 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” quoted Jean-Christophe Quémard, PSA Peugeot Citroën programmes executive vice president.