Toyota Says Reports On Business Alliance With BMW Not From Official Source

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6/25/2012 5:10 AM ET

Japanese automotive giant Toyota Motor Corp. (TM: Quote) on Monday said that certain media reports regarding its business alliance are not based on any official announcements. Earlier, media had reported that Toyota and Germany's Bayerische Motoren Werke or BMW (BAMXY.PK, BAMXF.PK, BMW.L) are planning to expand their existing tie-up for green car technology and diesel engines. Last December, the German premium car maker agreed with Toyota to supply diesel engines in Europe from 2014 and collaborate on lithium-ion battery research for electric cars.

As per the latest reports, both companies have now agreed several projects. The details, which are yet to be known, will be announced this week in Germany by both companies' top executives, the reports said.

As per a report by Japan's Nikkei, BMW will provide its expertise on light car bodies made from carbon fibre, as less car weight leads to better fuel efficiency.

Toyota shares closed Monday's trading at 3,080 yen, down 5 yen or 0.16 percent in Japan.

BMW shares are currently trading at 56.30 euros, down 0.17 euros or 0.30 percent on Frankfurt's Xetra.

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