(Adds Isuzu quote, background on past cooperation)
TOKYO, Sept 26 (Reuters) - Isuzu Motors and U.S. group General Motors have agreed to jointly develop a mid-size pick-up truck for sale in major markets around the world excluding North America, the Japanese truckmaker said on Friday.
The two companies, which have worked on trucks together in the past, are aiming to cut costs in the next generation mid-size pick-up by using more shared parts, Isuzu said in a statement.
"The project will strengthen the light commercial vehicle business of GM and Isuzu," Isuzu said. GM could not be reached immediately for comment.
The two companies will each manufacture their own trucks. They have not decided on when the vehicle will go on sale, Isuzu spokesman Eiji Mitsuhashi said.
In the past, the two companies have developed trucks together such as the GM Chevrolet Colorado mid-size pick-up, sold as the i-Series by Isuzu, and the updated Isuzu D-Max in 2011.
GM and Isuzu did not discuss an equity alliance, said Isuzu's Mitsuhashi. GM at one point held as much as 49 percent of Isuzu shares, though it then reduced its stake and sold off the remaining 7.9 percent for $300 million in 2006.
Automakers, facing high costs of developing new technologies, are keen to share the burden with other companies or in some cases re-badge vehicles made by others.
Fiat and Mitsubishi Motors Corp said this month that the Japanese carmaker would produce a new pick-up for Fiat from 2016. (Reporting by Maki Shiraki and Chris Gallagher; Editing by Mark Potter)