A new memorandum of understanding was signed, under which the two companies will collaborate in four fields: 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.
"We aim to further strengthen our competitive position in sustainable future technologies. 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," said BMW board member, Norbert Reithofer.
"BMW and Toyota both want to make ever-better cars. We respect each other. That is why we already can take the next step together," added Akio Toyoda, President of Toyota Motor Corporation. “Toyota is strong in environment-friendly hybrids and fuel cells … I believe BMW’s strength is developing sports cars. I get so excited thinking about the cars that will result from this relationship.”