Toyota Motor Corporation and BMW AG have signed a memorandum of understanding (MoU) expanding on the collaboration initiated last December.

The top brass of the respective companies, Akio Toyoda, president of Toyota, and Norbert Reithofer, Chairman of BMW’s Board of Management, met today at BMW headquarters in Munich to announce the plan.

It involves a ‘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.

Reithofer and Toyoda also signed a Joint Statement to reconfirm their intention to strengthen the collaboration between their companies.

Reithofer said: “Toyota and the BMW Group share the same vision of sustainable individual future mobility. Together we have a great opportunity to continue leading our industry through this transformation.”

Toyoda added: “BMW and Toyota both want to make ever-better cars. That is why we can take the next step together. I get so excited thinking about the cars that will result from this relationship.”