BMW and Toyota announced today that they have signed memorandum of understanding where the two will join forces on a mid-to-long-term collaboration on the development next-generation of environment-friendly technologies.
“Under the MOU, the two companies agreed on a collaborative research in the field of next-generation lithium-ion battery technologies,” the companies said in a statement. “Furthermore, they have agreed to identify and discuss other possible collaborative projects.”
The two companies have also entered into a contract where BMW will supply 1.6 liter and 2.0 liter diesel engines to Toyota starting in 2014. The engines will be offered in a range of Toyota vehicles that will be available in the European market.
The Japanese automaker is looking to expand its Euro lineup and sales of fuel-sipping diesel vehicles.
“Toyota is the leading provider of environment-friendly series technology in the volume segment and the BMW Group is the most innovative and sustainable manufacturer of premium automobiles,” said BMW Chairman Norbert Reithofer. “We are now joining forces to further develop environment-friendly technologies and to expand our innovation leadership in each of our segments.”
“In the spirit of contributing to furthering the development of the auto industry and society, both companies will bring their wide-ranging knowledge – starting with that concerning environmental technologies – to the table and make ever-better cars,” said Toyota’s President Akio Toyoda.
– By: Omar Rana