Companies sign MoU aimed at collaboration in four fields of technology
As stated on our earlier post about the possible expansion of BMW and Toyota's technology sharing partnership, Toyoda and Reithofer have officially announced the planned expansion of their existing cooperation initiated in December last year.
Akio Toyoda, President of Toyota Motor Corporation (TMC), met with Norbert Reithofer, Chairman of the Board of Management of BMW AG, at BMW Group headquarters in Munich the previous week to both sign a Joint Statement to reconfirm their companies’ shared intention to strengthen the long-term, strategic collaboration between them.
The two companies signed a Memorandum of Understanding (MoU) aimed at 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 said: “We aim to further strengthen our competitive position in sustainable future technologies. We signed an MoU to this effect today. Toyota and the BMW Group share the same strategic 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. We respect each other. And I think this is shown by our taking the next step only six months since the signing of our initial agreement. 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.”