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In a surprise move, Ford and Toyota have announced plans to jointly-develop a new hybrid system for light trucks and SUVs.

Operating under a memorandum of understanding, the two companies will work together, as equal partners, to speed development and lower costs of future hybrid systems.

According to Derrick Kuzak, Ford's group vice president of Global Product Development, "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."

Despite all the talk, little information was actually released about the hybrid system. So far, the companies have only said it will be used in rear-wheel drive applications and debut later this decade.

Furthermore, the two automakers will establish standards for the next-generation of in-car telematics and internet connectivity.

Gallery: Ford & Toyota join forces for hybrid development

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