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Toyota, its small car subsidiary Daihatsu and Fuji Heavy Industries, which owns Subaru, will work together on development and manufacturing of several vehicles.

Toyota and Subaru will jointly develop a compact rear-wheel-drive sports car. Toyota will also supply Subaru with a compact car. Daihatsu will supply Subaru with minivehicles and a version of its Coo compact car.

“The compact rear-wheel sports car will offer a fun to drive experience based on an all-new vehicle platform powered by a Subaru boxer engine,” said Toyota. “Market introduction is targeted for the end of 2011.”

The car will be built at a new plant at Subaru’s Gunma base and could be a rival to the Mazda MX-5 – the car is the world’s best selling roadster. It’s a good car but there are no real competitors in its price range.

Toyota will supply the compact car to Subaru from the end of 2010 and it will supplement its product lineup. Daihatsu’s supply of minivehicles will start in the second half of 2009 and will enable Subaru to focus R&D on its main products. It will also receive 6,000 units a year of the Daihatsu Coo.

Toyota and Fuji Heavy Industries have been working together since October 2005. So far joint production has been limited to the Subaru Justy for Europe, a rebadged Daihatsu Sirion and some plant sharing in the US.

Fuji is transferring shares to Toyota as part of the new agreement. Following approval from the authorities, Toyota will control around 16.5 per cent of its shares.