Automakers Toyota and BMW released a statement today that the two have signed a Memorandum of Understanding (MoU)—an almost formal gentlemen’s agreement—in various joint endeavors. States Toyota CEO and president Akio Toyoda, “BMW and Toyota both want to make ever-better cars. We respect each other. That is why we already can take the next step together (MoU).”
BMW chairman Norbert Reithofer agreed. During today’s presentation, he said, “Toyota and 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.”
The MoU signed by the two automakers applies in four different areas. They include:
- Developing a hydrogen/fuel cell system.
- Jointly develop a sports car
- Powertrain electrification, i.e., hybrid engines.
- Lighter vehicles, presumably for better fuel economy.
From a consumer perspective, there’s no immediately benefit to the agreement. Look for more fuel efficient vehicles from both Toyota and BMW in the future, though.
Source: BMW, Toyota