Toyota and BMW have announced that the two companies will collaborate in fuel cell technology, powertrain electrification and lightweight technologies to create a new sports car.

An agreement between BMW and Toyota was signed at the BMW headquarters in Munich by BMW CEO Norbert Reithofer and Toyota President Akio Toyoda.  The agreement, aimed at expanding on long-term strategic collaboration, is an expansion on the original alliance established last year in December between the two auto makers.

Commenting on the agreement Reithofer said that, “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.”

Toyoda also said that “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.”

Included in the the official press release was the following:

“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. In addition, the BMW Group and Toyota Motor Europe entered into a contract under which the BMW Group will supply highly-efficient 1.6 litre and 2.0 litre diesel engines to Toyota Motor Europe, starting in 2014.”

Source: Auto News