This MOU builds upon one the two companies struck in December with BMW agreeing to provide Toyota with its 1.6- and 2-liter diesel engines to sell in European vehicles starting 2014, and Toyota helping BMW develop a next generation lithium-ion battery.
Under the new, closer partnership, BMW and Toyota will work together in four areas: powertrain electrification, lightweight and carbon fiber technology, fuel cell development, and a sports car architecture.
"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," said Akio Toyoda, president of Toyota Motor Corporation in a news statement. "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."
News leaked out earlier this week that the two companies planned to partner on fuel cell research and development. With that rumor confirmed, now the question everyone is wondering is, what would a BMW/Toyota sports car look like?