2 September 2002: Toyota and Nissan have concluded an agreement on cooperation in the development of hybrid systems. The agreement has a term of 10 years and perhaps longer.

As an initial project, Nissan will be installing a hybrid system currently under development by Toyota in Nissan’s vehicles to be sold in the United States in 2006. Volume is expected to reach approximately 100,000 units within a five-year period starting in 1006.

The components for the hybrid system, such as the transaxle and inverter, will be developed by Toyota, while Nissan will conduct development of its own engine and application of the hybrid system on its own vehicle, which will have a direct impact on Nissan’s product.

Toyota was among the first automakers to introduce hybrid vehicles to its line up with the launch of the Prius in 1997. It is now the world’s biggest seller of hybrid vehicles.