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Toyota, BMW working on new battery technology

Published: January 24, 2013 Comment on this article

photo - In this photo released by Toyota Motor Corp., Toyota President Akio Toyoda, left, shakes hands with BMW AG chief executive Norbert Reithofer during a signing ceremony to jointly develop next-generation batteries for green vehicles in Nagoya, central Japan, Thursday, Jan. 24, 2013. Toyota and BMW are working together on next-generation batteries for green vehicles called "lithium-air" as their collaboration, first announced in late 2011, moves ahead in fuel cells, sports vehicles and other fields. (AP Photo/Toyota Motor Corp.) EDITORIAL USE ONLY

In this photo released by Toyota Motor Corp., Toyota President Akio Toyoda, left, shakes hands with BMW AG chief executive Norbert Reithofer during a signing ceremony to jointly develop next-generation batteries for green vehicles in Nagoya, central Japan, Thursday, Jan. 24, 2013. Toyota and BMW are working together on next-generation batteries for green vehicles called "lithium-air" as their collaboration, first announced in late 2011, moves ahead in fuel cells, sports vehicles and other fields. (AP Photo/Toyota Motor Corp.) EDITORIAL USE ONLY

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"We really share the same vision," he said at a news conference in Nagoya, central Japan, live-streamed at Toyota's Tokyo office.

Toyota Vice Chairman Takeshi Uchiyamada said working with BMW will allow for a much faster development as they pool their resources.

He said the companies share a corporate culture and they have built trust over the last year. An agreement to work on technologies together was signed in June last year.

BMW, known for its strong design and sporty cars, could be a good match for Toyota, reputed for innovation and solid engineering but sometimes criticized as making dull cars.

Global automakers are forging such partnerships to become more competitive.

French carmaker PSA Peugeot Citroen and General Motors Co. of the U.S. have a deal to share in purchases of parts and services to cut costs. Toyota already has a joint venture with Peugeot Citroen to make small cars in Europe.

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