BMW and Toyota are stepping up the development of their joint midsize sports model image

The world’s largest premium automaker and the world’s biggest carmaker have joined their forces – we have known this for a while – to develop and produce together a new sports model.

Now, Bloomberg has officially found that the companies are getting closer to putting that jointly developed car on the roads. Munich-based BMW told Bloomberg News that cooperation between the companies has moved on to the concept phase and is running according to plan,” with the technical feasibility study that started way back in January 2013 “successfully completed.”

While many automakers have embraced the idea of jointly developing models to slash costs, and Toyota has used this process on numerous occasions, for BMW it’s another matter – the German automaker usually relied on its own forces for the development and production of new cars. The upcoming midsize model is actually the most prominent feature of a broader deal that would see the manufacturers as partners until at least 2020. No details have perspired so far about the cooperation, other than the announcement for the planned sports car (rumored to be the next Supra) that was made early last year. Toyota also acknowledged the project is now in a different stage, after it completed the feasibility process later than expected – it was first forecast for the end of 2013.

Via Bloomberg