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BMW and Toyota are set to challenge their rivals by joining forces to develop future technologies for vehicles including electric power and fuel cell systems.
Under the memorandum of understanding signed last month by Akio Toyoda, president of Toyota Motor Corporation and Norbert Reithofer, chairman of the board of management of BMW AG, four areas will be focused on in a long-term collaboration: development of a fuel cell system, powertrain electrification as well as development of a sports car and lightweight technologies.
Reithofer said: "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."
Toyoda added: "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."
The move follows an agreement by the two carmakers in March to undertake research into next-generation lithium-ion battery cells, which itself came in the wake of a contract last December, under which the BMW Group will supply 1.6-litre and 2.0-litre diesel engines to Toyota Motor Europe from 2014.
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