MUNICH -- BMW and Toyota Motor Corp. today said they will develop a sports car together and cooperate in fuel-cell technology, powertrain electrification and lightweight technologies.
BMW CEO Norbert Reithofer and Toyota President Akio Toyoda signed an initial agreement at BMW's Munich headquarters to expand long-term strategic collaboration between the two automakers.
"Toyota and the BMW Group share the same strategic vision of sustainable individual future mobility. Together we have a great opportunity to continue leading our industry through this transformation," Reithofer said in a statement.
Toyoda said in the same statement: "Toyota is strong in environment-friendly hybrids and fuel cells. On the other hand, I believe BMW's strength is in developing sports cars. I am excited to think of the cars that will result from this relationship."
In March, Toyota agreed to collaborate with BMW on lithium-ion battery research in exchange for a steady supply of BMW-made diesel engines starting in 2014.
The companies today said they signed an agreement that allows joint development of a fuel-cell system, joint development of architecture and components for a future sports vehicle, collaboration on powertrain electrification and joint research and development on lightweight technologies.