Toyota to Buy Vans from PSA Peugeot Citroen
Toyota’ European subsidiary Toyota Motor Europe NV/SA (TME) and PSA Peugeot Citroen (PSA) have signed an agreement under which PSA will supply light commercial vehicles to TME for sale under the Toyota brand in the European market.
Under the OEM agreement, Peugeot will provide medium-sized vans derived from its existing Peugeot Expert and Citroen Jumpy models in the second quarter of 2013.
The accord, which includes collaboration on future vehicles to be made by Peugeot, may extend beyond 2020, they said.
The agreement also includes the next generation of the vehicle, for which TME will cover an appropriate share of development and equipment investment costs. There are no plans for the two companies to enter into capital tie-ups.
The vans that PSA will supply to Toyota may be produced in Lieu Saint-Amand, France, at the Sevel Nord factory, which is currently operated under a joint venture with Fiat Group.
PSA, Europe's second-biggest automaker, agreed to buy Fiat's stake in Sevel Nord by the end of 2012, the carmakers said on July 11.
PSA and Toyota share a plant in the Czech Republic producing A-segment city cars.
Toyota PSA and Toyota share a plant in the Czech Republic producing A-segment city cars.
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