General Motors Corp. and DaimlerChrysler AG, two of the world's biggest automakers, are teaming up to develop fuel-saving hybrid technology for a range of vehicles that will help them compete with hybrid leaders Toyota Motor Corp. and Honda Motor Co.

GM, the world's largest automaker, and its German-American rival have signed a memorandum of understanding and intend to enter into a definitive deal early next year, the two companies said Monday. No financial details were disclosed.

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