Volkswagen and Toyota finance deals worth $3 billion for $1.8 billion deal by CNBC.
The deals come as global automakers are scrambling to keep up with the pace of technological change and rising costs that have driven up the cost of fuel and other goods.
Volkswagen and Ford have already reached agreements with governments and automakers to sell cars in more than 90 countries, while Toyota has said it will offer a new hybrid vehicle in China this year.
The Volkswagen and GM deals are also part of a broader push by the two companies to bring together global brands that are trying to compete with each other for consumers and jobs.
GM’s GM Energy subsidiary is looking at a possible $5 billion investment in a new $4.6 billion plant in Mexico, and the automaker is in talks with a Chinese supplier on a new factory to make electric cars.
In a joint statement, Toyota and VW said they were working together to “implement the benefits of their combined global power to make the next generation of fuel-efficient, environmentally-friendly vehicles.”
The new deals also come at a time when automakers are trying more aggressively to compete against each other.
The two companies announced a $1 billion partnership to build a hydrogen-fueled electric car at the beginning of June.
GM said it plans to begin production of the Prius compact in the U.S. in 2019.