• The new large-size commercial vans are planned for mid-2024 and mark Toyota’s first entry in this segment.
• Paris-listed shares of Stellantis surged by 1.6% following the development.

Stellantis N.V. is reportedly planning on expanding its existing partnership with Toyota Motor Europe, an operating unit of Japan’s Toyota Motor Corp., by including a new large-size commercial van as well as an electric variant.

Stellantis cited that the large-size commercial van will be produced at its plants situated in Atessa, Italy, and Gliwice, Poland. The vehicle will be sold under Toyota’s brand name in Europe. 

Meanwhile, the commercial van’s launch is planned for mid-2024 as well as marks Toyota’s first entry into the commercial vehicles segment. This deal expands on the existing partnership between the duo and will allow for better optimization of the Atessa plant that is currently producing the large-size commercial vans which are sold under the Peugeot, Citroën, and Fiat marques.

In this context, Stellantis stated that the new large-size commercial vans are an important addition and complete their LCV line-up for European customers of Toyota. Paris-listed shares in Stellantis surged 1.6% following the recent announcement.

Lately, automakers have been signing cross-manufacturing deals to reduce the production costs of vans given the large demand for parcel delivery as well as EV versions to carry out last-mile delivery in city centers.

In other developments, Toyota Motor Corporation is officially set to wear the crown of the world’s largest automaker for the third time as it sold one million more vehicles than Volkswagen AG.

Despite the lockdown’s curbs and restrictions in China, Toyota has successfully weathered the storm better than its rivals, as its worldwide deliveries slipped by 5.8% in Q1 while Volkswagen’s deliveries plunged by 26%.

Source Credit:

https://money.usnews.com/investing/news/articles/2022-05-30/stellantis-and-toyota-to-expand-partnership-with-large-commercial-van