Peugeot, Toyota reach deal on light vehicle sale in Europe July 23, 2012 - 12:58 AMT PanARMENIAN.Net - 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 Monday, July 23, AFP reported. 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. "There are no plans for the two companies to enter into capital tie-ups or joint production. Cooperation is expected to last "beyond 2020," it added. No financial details were disclosed. The statement also made no mention of where the vehicles would be built but Peugeot was known to be looking for a partner for its Sevelnord plant in northern France after Italy's Fiat pulled out of a joint venture there.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Aliyev: Change in Armenia’s Constitution key for singing peace deal  Ilham Aliyev has declared that most important condition for signing a peace agreement is for Armenia to change its Constitution.U.S. sees “extraordinary” opportunity for peace between Armenia, Azerbaijan U.S. Secretary of State Antony Blinken believes there is an “extraordinary” opportunity to reach a peace agreement between Armenia and Azerbaijan.Viva: Armenia's leading technology company introduces a new trademark The updated brand Viva reflects a qualitatively new level of digital services.Turkey restoring 500-year-old Surp Sarkis Armenian Church During the program, Sahak Maşalyan, the Patriarch of Türkiye's Armenians, inspected the historic church and offered prayers. |
