Toyota (NYSE: TM) Reaches Deal To Supply Hybrid Technology To Mazda

Toyota Motor (NYSE:TM) and Mazda Motor announced a deal under which Toyota will supply its hybrid technology to Mazda, according to a Reuters report.

The automakers have been discussing the possibility since last spring as the popularity of gasoline-electric cars surged in Japan with the help of government subsidies.

Mazda Executive Vice President Masaharu Yamaki said, "Hybrids are spreading fast in Japan, and launching a model in the domestic market has become an urgent task." He added, "That is one of the reasons why we decided to seek this agreement with Toyota."