MUNICH, GERMANY – Akio Toyoda, president of Toyota Motor Corporation (TMC), met June 29 with Norbert Reithofer, chairman of the Board of Management of BMW AG, at the BMW Group headquarters in Munich to announce the planned expansion of their existing cooperation initiated in December 2011.

The two companies signed a memorandum of understanding (MoU) 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.

Reithofer and Toyoda also signed a joint statement to reconfirm their companies' shared intention to strengthen their long-term, strategic collaboration.

In March 2012, the BMW Group and TMC signed a binding agreement on collaborative research in the field of next-generation lithium-ion battery cells. In addition, the BMW Group and Toyota Motor Europe entered into a contract in December last year, under which the BMW Group will supply highly efficient 1.6Land 2.0L diesel engines to Toyota Motor Europe starting in 2014.