MILAN, May 30 (Class Editori) — Stellantis and Toyota Motor Europe (TME) have expanded their partnership by signing an agreement to produce a new commercial vehicle with a battery electric version as well. The new vehicle, which will be released in 2024, is the third body type to be manufactured as part of the agreement and complements the LCV range by adding a large model to the existing compact and mid-size ones already on the market. The new vehicle will be manufactured by Stellantis at its plants in Gliwice, Poland, and Atessa, in the province of Chieti, Italy, and will be released on the European market under the Toyota brand. Stellantis share performed well today in the Italian Stock Exchange in Milan, with a 1.69% increase to 13.98 euros, while Toyota increased by 2.04% to 2,126.5 yen at the close of the Tokyo Stock Exchange.
Tavares: "This partnership will make us leader in the LCV sector at a global level"
"The collaboration between Stellantis and TME started in 2012 with a Toyota-branded mid-size vehicle produced by Stellantis at its plant in Hordain, France, followed in 2019 by a competitive and eye-catching compact model manufactured at the Spanish plant in Vigo," Carlos Tavares, CEO of Stellantis, commented. "Thanks to the new large commercial vehicle announced today, which is another step forward in the partnership, Toyota will be able to offer a full LCV range in Europe while both companies will enjoy the benefits of optimizing development activities and production costs".
"Operational excellence is recognized by definition in this expanded agreement," Tavares added. "Through this third major commitment, Stellantis demonstrates once again its expertise in the commercial vehicle segment and in the development of battery electric technology created to meet a full range of needs. This agreement strengthens our leadership in the EU30 in the light commercial and low-emission vehicle segments, bringing us closer to achieving the Dare Forward 2030 plan's goal of becoming the undisputed leader in the global LCV market in terms of technology, production, market share and profitability".
Toyota will provide a full range of LCVs in Europe
Matt Harrison, President and CEO of TME, added: "We are delighted to expand this successful partnership with the introduction of a new LCV, which is an important addition and complements the range of commercial vehicles available to Toyota customers in the European market. This new model will make a key contribution to the achievement of Toyota's growth goals in relation to the entire LCV range, along with the Hilux pickup, Proace and Proace City, enabling Toyota to offer a mobility solution in all segments of the LCV market".
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