BMW and Toyota executives have met to sign a Memorandum of Understanding, strengthening the alliance between the two companies. Akido Toyoda, President of Toyota Motor Corporation, and Norbert Reithofer, Chairman of the Board of Management of BMW AG, also signed a Joint Statement confirming the long-term strategic collaboration.
In December the two companies agreed to work together in four areas: fuel cell technology, developing a new 'sports vehicle', powertrain electrification and lightweight technologies.
Reithofer described the alliance as "a great opportunity", strengthening both companies' positions.
Toyoda commented: "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."
One of the first signs of the collaboration between the organisations is BMW's supply of 1.6- and 2.0-litre diesels to Toyota Europe from 2014.