Toyota and General Motors are expected to finalise a detailed plan before the year's end to jointly develop a hybrid car, according to Toyota president Fujio Cho.

Speaking at a press conference in Tokyo, Mr. Cho said that there was no agreement as yet on the exact specifications for the hybrid vehicle, saying that a few differences have yet to be worked.

Cho also revealed that the Japanese car maker was also talking to top Ford executives to explore areas of collaboration. He stressed that these negotiations were at a very early stage.

GM and Toyota signed an agreement back in 1999 to jointly develop hybrid, electric and fuel-cell cars.