Toyota Motor Corp and BMW AG agreed on Thursday to join hands on a broad range of environmental technologies, forging a partnership between two engineering stalwarts in the increasingly competitive auto industry.Under the agreement, the two will work together on lithium-ion battery research that is seen as key to electric cars, while the German premium brand will also supply 1.6 and 2.0 litre diesel engines to Toyota from 2014 in Europe. They will also identify possibilities for other projects.The deal, announced at a news conference in Tokyo, comes as global automakers face ballooning research and development costs to meet tougher emissions and fuel-economy standards around the world. Car makers must also meet consumers' varying preferences for vehicle powertrains across different regions.Those needs have accelerated cooperation deals among carmakers, including between Toyota's and BMW's main rivals, Nissan Motor Co and Daimler AG, along with Nissan French partner, Renault SA.
TOYOTA MOTOR CORPORATION is a Japan-based company mainly engaged in the automobile business and financial business. Toyota Motor Corp. (NYSE: TM): fell by 0.36% or $-0.24/share to $65.67. In the past year, the shares have traded as low as $60.37 and as high as $93.90. On average, 545914 shares of TM exchange hands on a given day and today's volume is recorded at 155985.
