A chance meeting between top executives of Ford Motor Co. and Toyota Motor Corp. has evolved into a deal to jointly develop a gas-electric hybrid engine for pickup trucks and sport utility vehicles.
The companies signed the agreement Monday to share development costs, saying they want to make the technology more affordable for customers and bring it to market faster. Many details have yet to be worked out, but both said their vehicles would remain unique even if they share the same drive systems.
The deal will help both companies meet more stringent fuel economy and pollution standards in the U.S. and elsewhere, while at the same time keeping larger vehicles viable if gas prices continue to rise.
“Trucks and SUVs are indispensable for the U.S. society,” said Takeshi Uchiyamada, a Toyota executive for research and development.
Associated Press
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