Toyota Motor Corp. (TM: Quote) and BMW AG (BAMXY.PK,BAMXF.PK,BMW.L) announced the signing of a memorandum of understanding aimed at 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.
Akio Toyoda, President of Toyota Motor, met today with Norbert Reithofer, Chairman of the Board of Management of BMW AG, at BMW Group headquarters in Munich to announce the planned expansion of their existing cooperation initiated in December last year.
Also today, Toyoda and Reithofer signed a Joint Statement to reconfirm their companies' shared intention to strengthen the long-term, strategic collaboration between them.
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