Honda Motor Co (HMC) is aiming to cut costs by up to 20% and halve vehicle development times through a new partnership with Tata Technologies in India, Reuters reported Friday, citing people familiar with the matter.

Engineering services company Tata Technologies was selected to develop cars for the Indian market under an outsourcing agreement with Honda after the automaker's Japanese and Indian managers failed to agree on suppliers for upcoming vehicles, the news agency said.

Honda is looking to cut more than $9 billion in costs over the next four years. It currently takes around five years to develop a new vehicle, the report added.

Honda and Tata Technologies did not immediately respond to MT Newswires' request for comment.

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