BMW AG and Toyota Motor Corp -- two of the biggest car manufacturers on the planet -- have declared a collaborative enterprise. The two auto leaders will join hands to create new environmentally-friendly car technology. The news was announced in Tokyo at a press conference held Thursday.
Changing emissions
This deal occurred because emission requirements around the world are going up. This is intended to lower costs during the process. The joint effort will concentrate on various kinds of research, including working to improve the lithium-ion battery, which gives life to most electric cars.
Didier Leroy is the Toyota Motor Europe President and CEO. He said:
"Fundamentally we are both engineering companies, so in many aspects we have found we speak the same language. It is interesting to see what can be achieved when Japanese engineering meets European engineering and when the cooperation really works."
Talking to individuals
Each business is bringing its own expertise to the collaboration. Norbert Reithofer, Chairman of the Board at BMW, said:
"Toyota is the leading provider of environment-friendly series technology in the volume segment, and the BMW Group is the most innovative and sustainable manufacturer of premium automobiles."
Toyota comes to the table with a wealth of knowledge concerning hybrid cars. The Prius was launched 14 years ago starting the technology. The part BMW knows about is diesel. Starting in 2014, it will start providing 1.6 to 2.0 liter diesel engines to Toyota's European operations.
Europe buys a lot of diesel
Instead of creating diesel cars and getting "lost in the crowd," Toyota decided it would work on hybrids for the European industry in 2009. With fewer diesel choices accessible, Toyota sales have gone down. Diesel cars make up about 55 percent of sales in Europe.
Hybrid has been on the list for a while
BMW tried to make a hybrid vehicle on its own. Having help should make the process go much faster. The ActiveHybrid 5 was released at the 2011 Tokyo Motor Show.
The corporations each expressed hope for a fruitful collaboration. BMW's Reithofer is looking forward to the development of greener automotive technology and the expansion of its diesel motor sales. Exchanging expertise was something Toyota CEO Akio Toyoda said he was anxious about.
Increase in shares
After the announcement Thurs, Toyota's share rose 2.3 percent in the Nikkei Stock Average.
Changing emissions
This deal occurred because emission requirements around the world are going up. This is intended to lower costs during the process. The joint effort will concentrate on various kinds of research, including working to improve the lithium-ion battery, which gives life to most electric cars.
Didier Leroy is the Toyota Motor Europe President and CEO. He said:
"Fundamentally we are both engineering companies, so in many aspects we have found we speak the same language. It is interesting to see what can be achieved when Japanese engineering meets European engineering and when the cooperation really works."
Talking to individuals
Each business is bringing its own expertise to the collaboration. Norbert Reithofer, Chairman of the Board at BMW, said:
"Toyota is the leading provider of environment-friendly series technology in the volume segment, and the BMW Group is the most innovative and sustainable manufacturer of premium automobiles."
Toyota comes to the table with a wealth of knowledge concerning hybrid cars. The Prius was launched 14 years ago starting the technology. The part BMW knows about is diesel. Starting in 2014, it will start providing 1.6 to 2.0 liter diesel engines to Toyota's European operations.
Europe buys a lot of diesel
Instead of creating diesel cars and getting "lost in the crowd," Toyota decided it would work on hybrids for the European industry in 2009. With fewer diesel choices accessible, Toyota sales have gone down. Diesel cars make up about 55 percent of sales in Europe.
Hybrid has been on the list for a while
BMW tried to make a hybrid vehicle on its own. Having help should make the process go much faster. The ActiveHybrid 5 was released at the 2011 Tokyo Motor Show.
The corporations each expressed hope for a fruitful collaboration. BMW's Reithofer is looking forward to the development of greener automotive technology and the expansion of its diesel motor sales. Exchanging expertise was something Toyota CEO Akio Toyoda said he was anxious about.
Increase in shares
After the announcement Thurs, Toyota's share rose 2.3 percent in the Nikkei Stock Average.
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