Toyota Motor Corp. said Monday that PSA Peugeot Citroen will supply it with commercial vans in an original equipment manufacturing (OEM) deal from mid-2013, selling them under its own brand in Europe.
The vehicles will be based on the actual Peugeot Expert and the Citroën Jumpy models.
“Under the plan, Toyota Motor Europe is to participate in the development and industrial investment costs for the next generation product,” the statement said.
“There are no plans for the two companies to enter into capital tie-ups or joint production.”
Toyota and Peugeot have been longtime partners and operate a joint venture factory in the Czech Republic.
The announcement comes with PSA Peugeot Citroen under fire in France after having announced earlier this month plans to cut 8,000 jobs and to close its historic Aulnay plant near Paris because of falling European sales.
French Prime Minister Jean-Marc Ayrault will meet PSA Peugeot Citroen’s Chief Executive Philippe Varin today ahead of a government plan for the car sector due next week.