Stellantis (NYSE:STLA) announced Monday that it would expand its partnership with Toyota Motor Europe (NYSE:TM) with a new large commercial van. Stellantis will sell the vans in diesel and full-electric versions.
“This agreement strengthens our leadership in the EU30 for LCVs and low emission vehicles and moves us a step closer to realizing our Dare Forward 2030 goal of becoming the undisputed global light commercial vehicle leader, in terms of technology, manufacturing, market share and profitability,” Stellantis CEO Carlos Tavares said in a statement Monday.
The deal widens the partnership between the two companies and allows a better optimization of Stellantis’ Atessa plant, which currently makes large vans sold under Peugeot (OTC:PUGOY), Citroen, and Fiat.
“Planned for mid-2024, the new large-size commercial van marks TME’s first entry into the large-size commercial vehicle segment,” Stellantis added in a statement. “It represents an important addition and completes our light commercial line-up for Toyota’s European customers.”