France's Peugeot, Japan's Toyota sign light vehicle deal
PARIS (AFP) - French carmaker PSA Peugeot Citroen has reached a deal to provide Japan's Toyota with light commercial vehicles for sale in Europe, the two companies said in a statement on Monday.
The deal comes with Peugeot 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.
The statement said PSA will provide Toyota with medium-sized vans derived from its existing vehicles and the two companies will then work together on developing a new generation of vehicles.
'Under the plan, Toyota Motor Europe is to participate in the development and industrial investment costs for the next generation product,' the statement said.