PSA/Peugeot-Citroen will supply light commercial vans to Toyota Motor to be sold under its own brand in Europe under a deal that both automakers had recently signed. In the second quarter of 2013, Peugeot will begin to offer medium-sized vans based on the current Peugeot Expert and Citroen Jumpy models.
They said that this agreement, which includes collaboration on future vehicles to be built by Peugeot, may extend farther than 2020. Toyota Europe CEO Didier Leroy said that the light commercial vehicle segment is significant in several markets across Europe. He said that this is a “good solution” for its customers as it had recently phased out the Hiace model.
The Sevel Nord plant in Lieu Saint-Amand, France, will build the vans that PSA will supply to Toyota. PSA spokesman Pierre-Olivier Salmon said that the Sevel Nord factory is presently operated under a joint venture with Fiat Group. On July 11, the automakers said that PSA, Europe's No. 2 automaker, agreed to purchase Fiat's stake in Sevel Nord by the end of 2012.
Salmon said that the company has to meet three conditions in order to make these vehicles. It would first have to undo the joint venture with Fiat. Then it will have to get a new partner and enter a deal with Sevel Nord unions to make the factory more competitive. Peugeot’s stock increased by up to 1.3% to 6.65 euros at 9:10 a.m. today in Paris. This year, its stock has dropped by 37% this year.