Chrysler and Nissan have announced a product-sharing deal that would ostensibly help to bolster each automaker where it is weakest in its North American product range.

Chrysler will be getting a Nissan Versa-based small car, built to Chrysler’s design in Nissan’s Japanese factory, and aimed at competing in North America, Europe, and other global markets. In return Chrysler will begin to build pickup trucks for the Japanese partner, allowing Nissan to discontinue its Titan full-size truck. The Chrysler compact cars will likely be available around 2010, while the Nissan-badged trucks will start to arrive in 2011.

The deal follows an announcement last January that Chrysler would get a Versa-based car to sell in South America. Chrysler co-President Tom LaSorda called the product-sharing arrangement, “critical to the long-term success of Chrysler.