The US based leading car maker Ford and Japanese auto giant Toyota have joined hands to develop hybrid system for sports utility vehicles and light trucks. In a joint statement issued on Monday, both companies announced to jointly develop a new hybrid system. A formal cooperation agreement will be signed by both of these companies by year 2012.
Both of these companies are aiming to bring hybrid technology to pick-up trucks and SUVs without compromising on power and pick-up of these powerful vehicles. According to these companies, cooperating in developing this technology would help in taking these to market sooner rather than competing on the same.
As per the memorandum of understanding (MoU), signed by both of the companies on the project, following the joint development, both car makers will integrate these new systems in their portfolio vehicles.
As per a statement given by Toyota executive vice president Takeshi Uchiyamada, "We expect to create exciting and socially beneficial technologies with Ford, and we can do so because our two companies have enough experience to create a synergy effect in hybrid technology and in telematics." He added that at the same time, both of these companies will compete harder than ever in the spirit of 'making great cars.' And their competitive stance will help maximize benefits for customers and for society at large.
