In line with the tightening fuel-economy rules by the US Government, Ford Motor Co. and Toyota Motor Corp. are planning to collaborate on a project that will develop a hybrid systems for pickup trucks and sport-utility vehicles (SUV). The two companies are currently the world’s biggest seller of gasoline-electric autos, according to reports.

Both Ford and Toyota released a statement yesterday saying they reached an agreement to develop vehicles with the technology this decade and to work together on in-car communication systems and internet-based services

Ford Chief Executive Officer Alan Mulally and Toyota President Akio Toyoda personally negotiated the potential tie-up with the former hoping to triple their output for hybrid trucks by 2013.