Friday, June 29th, BMW announced it plans to extend cooperation with Toyota, in a challenge to global rivals.
BMW declared it will end cooperation with GM and PSA Peugeot Citroen, turning its attention towards Toyota and planning to collaborate in four new fields.
“We are not coming together to become bigger. We are not coming together to form capital ties,” Toyoda told reporters In Munich, “I met Chairman Reithofer again today, and I felt the relationship of trust between our two companies grow stronger.”
The two companies will collaborate on creating fuel cells and electrified powertrains for EVs. Toyota is strong in the electrified powertrains domain, while BMW has taken a leading role in carbon fiber, which reduces car weight a lot. The material is very expensive, therefore it can only be found in high end sports cars. BMW also aims at helping Toyota develop a sports car.
BMW will end cooperation with GM and PSA Peugeot Citroen, ending a joint venture on components for hybrid cars. BMW chief executive Norbert Reithofer declared that the company will continue the existing project-based partnership with Peugeot to manufacture small four-cylinder petrol engines.