January 24, 2013 / 8:56 AM / 5 years ago

BMW and Toyota seal deal to deepen cooperation

BERLIN, Jan 24 (Reuters) - BMW will deepen cooperation with Japanese rival Toyota, expanding it to areas such as joint development of fuel cells, batteries and light-weight technologies, the German luxury-car maker said on Thursday.

BMW said in a statement “binding agreements” signed with Toyota also foresee to jointly develop an architecture and components for sports vehicles.

BMW and Toyota Motor Corp last June agreed in a memorandum of understanding to extend their cooperation to a bigger strategic alliance in a challenge to global rivals as competition intensifies. (Reporting by Andreas Cremer)

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