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Toyota and Mazda have officially announced that they have entered an agreement to build a mutually beneficial long-term partnership. Earlier in the week, it was reported that both automakers were in discussions to deepen their existing technological partnership and that an agreement on this was due soon.

In a press statement, the companies said that a joint committee will now be set up to evaluate how best to utilise each company’s respective strengths. The committee will explore broad and meaningful collaboration topics across a range of fields, including that of environmental and advanced safety technologies.

The automakers added that the latest agreement will go beyond the traditional framework of cooperation and aim at creating a whole new set of values for cars through wide-ranging medium- to long-term collaboration.

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While no technical details and working scope of the agreement were fleshed out in the statement, it has been suggested that Toyota will provide fuel-cell and hybrid tech to Mazda, while Mazda will share its economical SkyActiv petrol and diesel engine technologies in return.

Toyota president Akio Toyoda said he was delighted that both companies can share the same vision and work together to make cars better.

“As evidenced by its SkyActiv technologies and Kodo—Soul of Motion design language, Mazda has proven that it always thinks of what is coming next for vehicles and technology, while still managing to stay true to its basic car making roots. In this way, Mazda very much practices what Toyota holds dear: making ever-better cars,” he said in the statement.

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Meanwhile, Mazda president and CEO Masamichi Kogai said he had tremendous respect for Toyota’s dedication in its pursuit of ever-better cars through ongoing innovation.

“Toyota is a company that has shown steadfast resolve in acting responsibly on global environmental issues and the future of manufacturing as a whole. Furthermore, Mazda identifies with the way Toyota cherishes its roots and all of the communities it is involved in. I hope that by working together to make cars better, we can raise the value of cars in the eyes of consumers while also enhancing the manufacturing capabilities of our home, Hiroshima, and all the communities we are involved in as well,” he stated.

Previous collaboration between Toyota and Mazda has included the licensing of Toyota’s hybrid technologies to Mazda and the production of compact cars for Toyota at Mazda’s plant in Mexico.