Toyota is ready to buy out PSA Group’s stake in a jointly-managed Czech Republic factory specializing in the production of small vehicles, the companies stated on Friday.
The French firm will also provide another model of compact van for its Japanese partner from its Vigo plant located in Spain as of 2019, they added.
Toyota will take complete ownership of the Czech plant of Kolin from January 2021, and the factory will keep producing “the current generation” of compact cars for the two companies.
It presently turns out Peugeot 108, Citroen C1 and Toyota Argo models.
“Toyota intends to continue production and employment in the future at the Kolin plant,” the companies stated, without revealing financial details.
PSA already assembles vans for Toyota at its Sevelnord plant located in northern France.