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Nissan is to build a car for Chrysler to sell in Latin America under an extension of the OEM product agreement the two companies have had for three years.

The new car will be based on the Versa sedan and will be available from 2009. It will only be sold in South America.

Nissan already has an OEM Product Agreement with Chrysler over the supply of transmissions from its Jatco affiliate. This has been in place since 2004.

Chrysler president and vice chairman Tom La Sorda said: "This kind of tactical partnership allows us to maximise product offerings yet minimise costly investments, such as new plant infrastructure, tooling and R&D. This partnership will give Chrysler nearly immediate access to vehicle segments in which we do not currently compete."

The two companies say they are to look into further product-sharing opportunities.