Akio Toyoda, President of Toyota Motor Corporation (TMC), met with Norbert Reithofer, Chairman of BMW at BMW Group headquarters in Munich to announce the planned expansion of their existing cooperation initiated in December last year.
The two companies signed a Memorandum of Understanding (MoU) aimed at long-term strategic collaboration 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.
Toyoda said: "I am excited to think of the cars that will result from this relationship."
In March 2012, the BMW Group and TMC signed a binding agreement on collaborative research in the field of next-generation lithium-ion battery cells.
For more read Hybrid And Pure Electric Cars 2012-2022.