Chrysler, Nissan agree on small-car deal

Nissan and Chrysler have reached a deal to have Nissan Motor Co. supply cars to Chrysler LLC for sale in South America under the Chrysler brand starting next year, the automakers said today.

The model, based on the Nissan Versa sedan, will be supplied under what is called an OEM, or "original equipment manufacture," agreement in the auto industry.

"This kind of tactical partnership allows us to maximize product offerings yet minimize costly investments," said Chrysler President Tom LaSorda, adding that the agreement will allow Chrysler to add a small car in its lineup.

Terms of the deal were not disclosed.