Last December, the BMW Group and Toyota entered a mid-to-long-term partnership on the sharing of hybrid systems and diesel engines, which was enhanced this past March with an agreement on the development of lithium-ion battery cell technology.
Now, the two companies have announced a significant expansion of their existing cooperation that will include the joint development of architecture and components for a future sports vehicle together with fuel cell, powertrain electrification and lightweight technologies.
A memorandum of understanding (MoU) was signed between the two partners today at the BMW Group headquarters in Munich.
BMW board member, Norbert Reithofer, commented: “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.”
At the signing of the deal, Akio Toyoda, President of Toyota Motor Corporation, seemed very excited about the prospects of the cooperation.
“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,” said Akido.
“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,” he added.