BMW, Toyota Confirm Plans to Deepen Ties

BMW AG and Toyota Motor Corp. have signed a memorandum of understanding to broaden their cooperation to projects including fuel cells, electric drivetrains and lightweight materials, as was widely expected.

The partners also announced plans to co-develop a new sports car.

The two carmakers launched a joint lithium-ion battery project last December. BMW also pledged to supply Toyota with 1.6- and 2.0-liter diesel engines in Europe, beginning in 2014.