DEARBORN, Mich. — Ford Motor Company and Toyota Motor Corporation announced they will collaborate on the development of an advanced new hybrid system for light truck and SUV customers. The two companies have signed a memorandum of understanding (MOU) on the product development collaboration, with the formal agreement expected by next year.

“This agreement brings together the capability of two global leaders in hybrid vehicles and hybrid technology to develop a better solution more quickly and affordably for our customers,” said Derrick Kuzak, Ford group vice president of Global Product Development. “Ford achieved a breakthrough with the Ford Fusion Hybrid, and we intend to do this again for a new group of truck and SUV buyers  customers we know very well.”

Both companies also have agreed also to collaborate on standards and technologies needed to enable a safer, more secure and more convenient in-car experience for next-generation telematics systems. The telematics collaboration relates only to standards and technologies, and each company will continue to separately develop their own in-vehicle products and features.

“Ford has made tremendous progress in the area of telematics,” Kuzak said. “Working together on in-vehicle standards can only enhance our customers’ experience with their vehicles.”

Under the MOU agreement, the two companies will bring the best of their independently developed hybrid powertrain technology and knowledge to a new co-developed hybrid system, which will be used in rear-wheel-drive light trucks arriving later this decade.

“Toyota is extremely proud to join Ford in developing a hybrid system for pickup trucks and SUVs,” said Akio Toyoda, Toyota president. “Not only is this tie-up clearly one aimed at making automobiles ever better, it should also become an important building block for future mobility in the U.S.”