TOKYO, March 29 (Reuters) - Toyota Motor Corp and Suzuki Motor Corp on Thursday announced a basic agreement to produce cars for each other in India as Toyota aims to increase its market share in the fast-growing country dominated by its smaller rival.
The automakers said in a statement that the agreement would cover vehicles including gasoline hybrids. Suzuki will supply its Baleno hatchback and Vitara Brezza compact SUV to Toyota, while Toyota will produce the Corolla sedan for Suzuki.
Toyota and Suzuki will produce the models for each other as original equipment manufacturers, and these will be included into each others’ branded offerings, the companies said.
The agreement deepens a partnership announced by the two Japanese automakers a year ago, under which they will share expertise on new technologies and parts supply. In November, Toyota and Suzuki said they would cooperate in selling electric cars in India from around 2020.
Reporting by Naomi Tajitsu; editing by Richard Pullin