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Ford To Build Electric Vehicles in China As Part of A New Venture
William Maley posted an article in Ford
Ford has announced a new joint venture with Chinese automaker Zotye on affordable electric vehicles for the Chinese market. Named Zotye Ford Automobile, the venture will see the two automakers develop and manufacture electric vehicles for a new brand. Ford and Zotye will be investing a total of 5 billion RMB (about $756 million) on this venture. Part of that investment will go towards a new manufacturing plant in the Zhejiang Province. The two automakers will also work on mobility solutions. “We are delighted to have signed this joint venture agreement with Zotye to form our third joint venture automotive company in China. Subject to regulatory approval, Zotye Ford will introduce a new brand family of small all-electric vehicles," said Peter Fleet, Ford group vice president and president of the Asia Pacific region. Zoyte knows a thing or two about selling EVs in China. The company has sold 22,500 small EVs within the first 10 months of the year. Zoyte is also very infamous for building the T700 which is a copy of the Porsche Macan crossover. Source: Ford Press Release is on Page 2 FORD AND ZOTYE SIGN DEFINITIVE JV AGREEMENT IN CHINA TO MEET GROWING DEMAND FOR ALL-ELECTRIC VEHICLES Ford and Zotye signed a definitive joint venture agreement to establish Zotye Ford Automobile Co. Ltd., a new 50:50 joint venture that will offer a range of stylish and affordable electric vehicles for consumers in China Pending regulatory approval, the new JV will develop and manufacture all-electric vehicles under a new Chinese brand Zotye Ford also plans to build a new manufacturing plant in Zhejiang Province. A new dedicated sales and service network also will be established Ford and Zotye also will explore the opportunity to offer new mobility services in China to help provide solutions for emerging transportation challenges Beijing, Nov. 8, 2017 -- Ford Motor Company and Zotye today reached a definitive agreement to establish Zotye Ford Automobile Co., Ltd., a new 50:50 joint venture that will offer a range of stylish and affordable all-electric vehicles for consumers in China under a new indigenous brand. The agreement was signed in Beijing today by Peter Fleet, Ford group vice president and president, Ford Asia Pacific, and Ying Jianren, chairman of Tech-New Group Ltd. and board director of Zotye Auto. Pending regulatory approval, the new JV will design, build, market and distribute all-electric passenger vehicles for China, the world’s leading electric vehicle market. The establishment of the JV is a key step by Ford towards realizing its vision of a cleaner, more environmentally-sustainable future. The new JV will leverage a combined investment of 5 billion RMB (approximately U.S. $756 million). The new JV builds upon Ford’s ambitious China electrification strategy. Ford announced earlier this year that at least 70 percent of Ford-branded vehicles sold in the country will offer electrified powertrain options by 2025. Zotye Ford plans to build a dedicated product research and development center as well as its own sales and services network. A new manufacturing plant for the JV will be constructed in Zhejiang Province. The all-electric vehicles produced by the JV will be sold under a new Chinese brand designed to meet Chinese consumers’ aspirations for electric vehicles. “We are delighted to have signed this joint venture agreement with Zotye to form our third joint venture automotive company in China. Subject to regulatory approval, Zotye Ford will introduce a new brand family of small all-electric vehicles," Fleet said. "We will be exploring innovative vehicle connectivity and mobility service solutions for a new generation of young city-dwelling Chinese customers." In addition to the new JV, Ford and Zotye will explore offering mobility services to consumers in China as local demand for such solutions continues to grow. Through this new JV, Ford commits to actively support the advancement of a more environmentally sustainable auto industry in China through local research and development as well as domestic production of all-electric vehicles. Zotye Auto is a pioneer in the Chinese all-electric vehicle segment. It is the market leader in China’s all-electric small vehicle segment and sold more than 22,500 all-electric vehicles year-to-date through October, representing a growth of over 14 percent year-over-year. The JV will benefit from Zotye’s expertise in designing and commercializing EVs in China, and Ford’s global product development and technology capabilities. “This is an important day for Zotye as we partner with Ford to help advance the growth of the Chinese auto industry,” said Zotye’s Ying. “We will work closely together to help meet Chinese consumers’ growing demand for electric vehicles.” Upon its establishment, the new JV will expand Ford’s footprint in China. Ford already operates successful vehicle joint ventures with Changan Ford Automobile Corporation, Ltd. and Jiangling Motors Corporation. Ford will continue working closely with its JV partners to develop and manufacture New Energy Vehicles to meet rising consumer demand in China during the impending electrification phase of the Chinese auto industry. -
Ford has announced a new joint venture with Chinese automaker Zotye on affordable electric vehicles for the Chinese market. Named Zotye Ford Automobile, the venture will see the two automakers develop and manufacture electric vehicles for a new brand. Ford and Zotye will be investing a total of 5 billion RMB (about $756 million) on this venture. Part of that investment will go towards a new manufacturing plant in the Zhejiang Province. The two automakers will also work on mobility solutions. “We are delighted to have signed this joint venture agreement with Zotye to form our third joint venture automotive company in China. Subject to regulatory approval, Zotye Ford will introduce a new brand family of small all-electric vehicles," said Peter Fleet, Ford group vice president and president of the Asia Pacific region. Zoyte knows a thing or two about selling EVs in China. The company has sold 22,500 small EVs within the first 10 months of the year. Zoyte is also very infamous for building the T700 which is a copy of the Porsche Macan crossover. Source: Ford Press Release is on Page 2 FORD AND ZOTYE SIGN DEFINITIVE JV AGREEMENT IN CHINA TO MEET GROWING DEMAND FOR ALL-ELECTRIC VEHICLES Ford and Zotye signed a definitive joint venture agreement to establish Zotye Ford Automobile Co. Ltd., a new 50:50 joint venture that will offer a range of stylish and affordable electric vehicles for consumers in China Pending regulatory approval, the new JV will develop and manufacture all-electric vehicles under a new Chinese brand Zotye Ford also plans to build a new manufacturing plant in Zhejiang Province. A new dedicated sales and service network also will be established Ford and Zotye also will explore the opportunity to offer new mobility services in China to help provide solutions for emerging transportation challenges Beijing, Nov. 8, 2017 -- Ford Motor Company and Zotye today reached a definitive agreement to establish Zotye Ford Automobile Co., Ltd., a new 50:50 joint venture that will offer a range of stylish and affordable all-electric vehicles for consumers in China under a new indigenous brand. The agreement was signed in Beijing today by Peter Fleet, Ford group vice president and president, Ford Asia Pacific, and Ying Jianren, chairman of Tech-New Group Ltd. and board director of Zotye Auto. Pending regulatory approval, the new JV will design, build, market and distribute all-electric passenger vehicles for China, the world’s leading electric vehicle market. The establishment of the JV is a key step by Ford towards realizing its vision of a cleaner, more environmentally-sustainable future. The new JV will leverage a combined investment of 5 billion RMB (approximately U.S. $756 million). The new JV builds upon Ford’s ambitious China electrification strategy. Ford announced earlier this year that at least 70 percent of Ford-branded vehicles sold in the country will offer electrified powertrain options by 2025. Zotye Ford plans to build a dedicated product research and development center as well as its own sales and services network. A new manufacturing plant for the JV will be constructed in Zhejiang Province. The all-electric vehicles produced by the JV will be sold under a new Chinese brand designed to meet Chinese consumers’ aspirations for electric vehicles. “We are delighted to have signed this joint venture agreement with Zotye to form our third joint venture automotive company in China. Subject to regulatory approval, Zotye Ford will introduce a new brand family of small all-electric vehicles," Fleet said. "We will be exploring innovative vehicle connectivity and mobility service solutions for a new generation of young city-dwelling Chinese customers." In addition to the new JV, Ford and Zotye will explore offering mobility services to consumers in China as local demand for such solutions continues to grow. Through this new JV, Ford commits to actively support the advancement of a more environmentally sustainable auto industry in China through local research and development as well as domestic production of all-electric vehicles. Zotye Auto is a pioneer in the Chinese all-electric vehicle segment. It is the market leader in China’s all-electric small vehicle segment and sold more than 22,500 all-electric vehicles year-to-date through October, representing a growth of over 14 percent year-over-year. The JV will benefit from Zotye’s expertise in designing and commercializing EVs in China, and Ford’s global product development and technology capabilities. “This is an important day for Zotye as we partner with Ford to help advance the growth of the Chinese auto industry,” said Zotye’s Ying. “We will work closely together to help meet Chinese consumers’ growing demand for electric vehicles.” Upon its establishment, the new JV will expand Ford’s footprint in China. Ford already operates successful vehicle joint ventures with Changan Ford Automobile Corporation, Ltd. and Jiangling Motors Corporation. Ford will continue working closely with its JV partners to develop and manufacture New Energy Vehicles to meet rising consumer demand in China during the impending electrification phase of the Chinese auto industry. View full article
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General Motors and Honda have been working together on hydrogen fuel cells since 2013. The result of this work has led to new, more economical fuel cell stack that the two companies will build together via a joint venture in 2020. Today, the two automakers revealed the new joint venture - Fuel Cell System Manufacturing, LLC. Based at GM's battery facility in Brownstown Township, MI, the venture will bring 100 new jobs and cost $85 million between the two companies. The fuel cell stack shown today is similar to the one currently in the Honda Clarity FCV. The difference is the stack shown uses fewer materials and is simpler to produce. “Over the past three years, engineers from Honda and GM have been working as one team with each company providing know-how from its unique expertise to create a compact and low-cost next-gen fuel cell system. This foundation of outstanding teamwork will now take us to the stage of joint mass production of a fuel cell system that will help each company create new value for our customers in fuel cell vehicles of the future,” said Toshiaki Mikoshiba, chief operating officer of the North American Region for Honda Motor Co., Ltd. and president of Honda North America, Inc. “With the next-generation fuel cell system, GM and Honda are making a dramatic step toward lower cost, higher-volume fuel cell systems. Precious metals have been reduced dramatically and a fully cross-functional team is developing advanced manufacturing processes simultaneously with advances in the design. The result is a lower-cost system that is a fraction of the size and mass,” said Charlie Freese, GM executive director of Global Fuel Cell Business. But there is still the elephant in the room when it comes to hydrogen vehicles - the lack of infrastructure. GM and Honda reiterated plans to work with Governments and other to fix this issue. Source: General Motors, Honda Press Release is on Page 2 GM and Honda to Establish Industry-First Joint Fuel Cell System Manufacturing Operation in Michigan Advanced fuel cell technology will be applied to each company’s future products DETROIT — General Motors Co. (NYSE: GM) and Honda (NYSE: HMC) today announced establishment of the auto industry’s first manufacturing joint venture to mass produce an advanced hydrogen fuel cell system that will be used in future products from each company. Fuel Cell System Manufacturing, LLC will operate within GM’s existing battery pack manufacturing facility site in Brownstown, Michigan, south of Detroit. Mass production of fuel cell systems is expected to begin around 2020 and create nearly 100 new jobs. The companies are making equal investments totaling $85 million in the joint venture. Honda and GM have been working together through a master collaboration agreement announced in July 2013. It established the co-development arrangement for a next-generation fuel cell system and hydrogen storage technologies. The companies integrated their development teams and shared hydrogen fuel cell intellectual property to create a more affordable commercial solution for fuel cell and hydrogen storage systems. “Over the past three years, engineers from Honda and GM have been working as one team with each company providing know-how from its unique expertise to create a compact and low-cost next-gen fuel cell system,” said Toshiaki Mikoshiba, chief operating officer of the North American Region for Honda Motor Co., Ltd. and president of Honda North America, Inc. “This foundation of outstanding teamwork will now take us to the stage of joint mass production of a fuel cell system that will help each company create new value for our customers in fuel cell vehicles of the future.” The Fuel Cell System Manufacturing (FCSM) joint venture will be operated by a board of directors consisting of three executives from each company that will include a rotating chairperson. In addition, a president will be appointed to rotate between each company. GM and Honda are acknowledged leaders in fuel cell technology with more than 2,220 patents between them, according to the Clean Energy Patent Growth Index. GM and Honda rank No. 1 and No. 3, respectively, in total fuel cell patents filed in 2002 through 2015. “The combination of two leaders in fuel cell innovation is an exciting development in bringing fuel cells closer to the mainstream of propulsion applications,” said Mark Reuss, GM executive vice president, Global Product Development, Purchasing and Supply Chain. “The eventual deployment of this technology in passenger vehicles will create more differentiated and environmentally friendly transportation options for consumers.” Fuel cell technology addresses many of the major challenges facing automobiles today: petroleum dependency, emissions, efficiency, range and refueling times. Fuel cell vehicles can operate on hydrogen made from renewable sources such as wind and biomass. Water vapor is the only emission from fuel cell vehicles. In addition to advancing the performance of the fuel cell system, GM and Honda are working together to reduce the cost of development and manufacturing through economies of scale and common sourcing. The two companies also continue to work with governments and other stakeholders to further advance the refueling infrastructure that is critical for the long-term viability and consumer acceptance of fuel cell vehicles. GM is currently demonstrating the capability of fuel cells across a range of land, sea and air applications. The company has accumulated millions of miles of real-world driving in fuel cell vehicles. “With the next-generation fuel cell system, GM and Honda are making a dramatic step toward lower cost, higher-volume fuel cell systems. Precious metals have been reduced dramatically and a fully cross-functional team is developing advanced manufacturing processes simultaneously with advances in the design,” said Charlie Freese, GM executive director of Global Fuel Cell Business. “The result is a lower-cost system that is a fraction of the size and mass.” Honda began delivery of its all-new Clarity Fuel Cell vehicle to U.S. customers in December 2016 following a spring 2016 launch in Japan. The Clarity Fuel Cell received the best driving range rating from the EPA of any electric vehicle without a combustion engine with a range rating of 366 miles and fuel economy rating of 68 miles per gallon of gasoline-equivalent combined. “The expertise Honda has established that led to creation of the first-generation Clarity fuel cell system is valuable experience that we are leveraging in the joint development of the next-generation fuel cell system with GM,” said Takashi Sekiguchi, managing officer and director and chief operating officer of Automotive Operations, Honda Motor Co., Ltd. “Our collaboration is an opportunity to further utilize the strengths of each company to popularize fuel cell vehicles at the earliest possible time.” GM and Honda collaborated in a powertrain cross-supply arrangement in 1999 under which Honda manufactured 50,000 V-6 engines for the Saturn VUE and Honda received diesel engines from GM’s Isuzu affiliate for use in Europe. View full article
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General Motors and Honda have been working together on hydrogen fuel cells since 2013. The result of this work has led to new, more economical fuel cell stack that the two companies will build together via a joint venture in 2020. Today, the two automakers revealed the new joint venture - Fuel Cell System Manufacturing, LLC. Based at GM's battery facility in Brownstown Township, MI, the venture will bring 100 new jobs and cost $85 million between the two companies. The fuel cell stack shown today is similar to the one currently in the Honda Clarity FCV. The difference is the stack shown uses fewer materials and is simpler to produce. “Over the past three years, engineers from Honda and GM have been working as one team with each company providing know-how from its unique expertise to create a compact and low-cost next-gen fuel cell system. This foundation of outstanding teamwork will now take us to the stage of joint mass production of a fuel cell system that will help each company create new value for our customers in fuel cell vehicles of the future,” said Toshiaki Mikoshiba, chief operating officer of the North American Region for Honda Motor Co., Ltd. and president of Honda North America, Inc. “With the next-generation fuel cell system, GM and Honda are making a dramatic step toward lower cost, higher-volume fuel cell systems. Precious metals have been reduced dramatically and a fully cross-functional team is developing advanced manufacturing processes simultaneously with advances in the design. The result is a lower-cost system that is a fraction of the size and mass,” said Charlie Freese, GM executive director of Global Fuel Cell Business. But there is still the elephant in the room when it comes to hydrogen vehicles - the lack of infrastructure. GM and Honda reiterated plans to work with Governments and other to fix this issue. Source: General Motors, Honda Press Release is on Page 2 GM and Honda to Establish Industry-First Joint Fuel Cell System Manufacturing Operation in Michigan Advanced fuel cell technology will be applied to each company’s future products DETROIT — General Motors Co. (NYSE: GM) and Honda (NYSE: HMC) today announced establishment of the auto industry’s first manufacturing joint venture to mass produce an advanced hydrogen fuel cell system that will be used in future products from each company. Fuel Cell System Manufacturing, LLC will operate within GM’s existing battery pack manufacturing facility site in Brownstown, Michigan, south of Detroit. Mass production of fuel cell systems is expected to begin around 2020 and create nearly 100 new jobs. The companies are making equal investments totaling $85 million in the joint venture. Honda and GM have been working together through a master collaboration agreement announced in July 2013. It established the co-development arrangement for a next-generation fuel cell system and hydrogen storage technologies. The companies integrated their development teams and shared hydrogen fuel cell intellectual property to create a more affordable commercial solution for fuel cell and hydrogen storage systems. “Over the past three years, engineers from Honda and GM have been working as one team with each company providing know-how from its unique expertise to create a compact and low-cost next-gen fuel cell system,” said Toshiaki Mikoshiba, chief operating officer of the North American Region for Honda Motor Co., Ltd. and president of Honda North America, Inc. “This foundation of outstanding teamwork will now take us to the stage of joint mass production of a fuel cell system that will help each company create new value for our customers in fuel cell vehicles of the future.” The Fuel Cell System Manufacturing (FCSM) joint venture will be operated by a board of directors consisting of three executives from each company that will include a rotating chairperson. In addition, a president will be appointed to rotate between each company. GM and Honda are acknowledged leaders in fuel cell technology with more than 2,220 patents between them, according to the Clean Energy Patent Growth Index. GM and Honda rank No. 1 and No. 3, respectively, in total fuel cell patents filed in 2002 through 2015. “The combination of two leaders in fuel cell innovation is an exciting development in bringing fuel cells closer to the mainstream of propulsion applications,” said Mark Reuss, GM executive vice president, Global Product Development, Purchasing and Supply Chain. “The eventual deployment of this technology in passenger vehicles will create more differentiated and environmentally friendly transportation options for consumers.” Fuel cell technology addresses many of the major challenges facing automobiles today: petroleum dependency, emissions, efficiency, range and refueling times. Fuel cell vehicles can operate on hydrogen made from renewable sources such as wind and biomass. Water vapor is the only emission from fuel cell vehicles. In addition to advancing the performance of the fuel cell system, GM and Honda are working together to reduce the cost of development and manufacturing through economies of scale and common sourcing. The two companies also continue to work with governments and other stakeholders to further advance the refueling infrastructure that is critical for the long-term viability and consumer acceptance of fuel cell vehicles. GM is currently demonstrating the capability of fuel cells across a range of land, sea and air applications. The company has accumulated millions of miles of real-world driving in fuel cell vehicles. “With the next-generation fuel cell system, GM and Honda are making a dramatic step toward lower cost, higher-volume fuel cell systems. Precious metals have been reduced dramatically and a fully cross-functional team is developing advanced manufacturing processes simultaneously with advances in the design,” said Charlie Freese, GM executive director of Global Fuel Cell Business. “The result is a lower-cost system that is a fraction of the size and mass.” Honda began delivery of its all-new Clarity Fuel Cell vehicle to U.S. customers in December 2016 following a spring 2016 launch in Japan. The Clarity Fuel Cell received the best driving range rating from the EPA of any electric vehicle without a combustion engine with a range rating of 366 miles and fuel economy rating of 68 miles per gallon of gasoline-equivalent combined. “The expertise Honda has established that led to creation of the first-generation Clarity fuel cell system is valuable experience that we are leveraging in the joint development of the next-generation fuel cell system with GM,” said Takashi Sekiguchi, managing officer and director and chief operating officer of Automotive Operations, Honda Motor Co., Ltd. “Our collaboration is an opportunity to further utilize the strengths of each company to popularize fuel cell vehicles at the earliest possible time.” GM and Honda collaborated in a powertrain cross-supply arrangement in 1999 under which Honda manufactured 50,000 V-6 engines for the Saturn VUE and Honda received diesel engines from GM’s Isuzu affiliate for use in Europe. -
William Maley Staff Writer - CheersandGears.com June 29, 2012 Today, BMW and Toyota unveiled more of their plans from their partnership announced last December. The plans include development of a hydrogen fuel-cell system, collaboration on electric powertrains, work on lightweight technologies, and development of a new sports car. "Toyota and the BMW Group share the same strategic vision of sustainable individual future mobility. Together we have a great opportunity to continue leading our industry through this transformation," said Norbert Reithofer, BMW's Chairman of the Board. "Toyota is strong in environment-friendly hybrids and fuel cells. On the other hand, I believe BMW's strength is in developing sports cars. I am excited to think of the cars that will result from this relationship," said Akio Toyoda, President of Toyota. This has people wondering what this partnership could bring. The obvious benefits include better range and faster charging times for EVs, lighter vehicles, and the possibility of more hydrogen vehicles. Also, the sports car announcement has a lot of people guessing. So far, we've heard everything from a resurrection of the Toyota Supra to a competitor to take on the Acura NSX. William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. Press Release is on Page 2 BMW Group and Toyota Motor Corporation agree to further strengthen collaboration 29.06.2012 Companies sign MoU aimed at collaboration in four fields of technology Tokyo/Munich. Akio Toyoda, President of Toyota Motor Corporation (TMC), met today with Norbert Reithofer, Chairman of the Board of Management of BMW AG, at BMW Group headquarters in Munich to announce the planned expansion of their existing cooperation initiated in December last year. The two companies signed a Memorandum of Understanding (MoU) aimed at long-term strategic collaboration in four fields: joint development of a fuel cell system, joint development of architecture and components for a future sports vehicle, collaboration on powertrain electrification and joint research and development on lightweight technologies. Also today, Norbert Reithofer and Akio Toyoda of TMC both signed a Joint Statement to reconfirm their companies' shared intention to strengthen the long-term, strategic collaboration between them. Reithofer said: "We aim to further strengthen our competitive position in sustainable future technologies. We signed an MoU to this effect today. Toyota and the BMW Group share the same strategic vision of sustainable individual future mobility. Together we have a great opportunity to continue leading our industry through this transformation." Toyoda added: "BMW and Toyota both want to make ever-better cars. We respect each other. And I think this is shown by our taking the next step only six months since the signing of our initial agreement. Toyota is strong in environment-friendly hybrids and fuel cells. On the other hand, I believe BMW's strength is in developing sports cars. I am excited to think of the cars that will result from this relationship." In March 2012, the BMW Group and TMC signed a binding agreement on collaborative research in the field of next-generation lithium-ion battery cells. In addition, the BMW Group and Toyota Motor Europe entered into a contract under which the BMW Group will supply highly-efficient 1.6 litre and 2.0 litre diesel engines to Toyota Motor Europe, starting in 2014. Today's MoU represents the companies' agreement in December last year to identify and discuss other possible collaborative projects. View full article
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William Maley Staff Writer - CheersandGears.com June 29, 2012 Today, BMW and Toyota unveiled more of their plans from their partnership announced last December. The plans include development of a hydrogen fuel-cell system, collaboration on electric powertrains, work on lightweight technologies, and development of a new sports car. "Toyota and the BMW Group share the same strategic vision of sustainable individual future mobility. Together we have a great opportunity to continue leading our industry through this transformation," said Norbert Reithofer, BMW's Chairman of the Board. "Toyota is strong in environment-friendly hybrids and fuel cells. On the other hand, I believe BMW's strength is in developing sports cars. I am excited to think of the cars that will result from this relationship," said Akio Toyoda, President of Toyota. This has people wondering what this partnership could bring. The obvious benefits include better range and faster charging times for EVs, lighter vehicles, and the possibility of more hydrogen vehicles. Also, the sports car announcement has a lot of people guessing. So far, we've heard everything from a resurrection of the Toyota Supra to a competitor to take on the Acura NSX. William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. Press Release is on Page 2 BMW Group and Toyota Motor Corporation agree to further strengthen collaboration 29.06.2012 Companies sign MoU aimed at collaboration in four fields of technology Tokyo/Munich. Akio Toyoda, President of Toyota Motor Corporation (TMC), met today with Norbert Reithofer, Chairman of the Board of Management of BMW AG, at BMW Group headquarters in Munich to announce the planned expansion of their existing cooperation initiated in December last year. The two companies signed a Memorandum of Understanding (MoU) aimed at long-term strategic collaboration in four fields: joint development of a fuel cell system, joint development of architecture and components for a future sports vehicle, collaboration on powertrain electrification and joint research and development on lightweight technologies. Also today, Norbert Reithofer and Akio Toyoda of TMC both signed a Joint Statement to reconfirm their companies' shared intention to strengthen the long-term, strategic collaboration between them. Reithofer said: "We aim to further strengthen our competitive position in sustainable future technologies. We signed an MoU to this effect today. Toyota and the BMW Group share the same strategic vision of sustainable individual future mobility. Together we have a great opportunity to continue leading our industry through this transformation." Toyoda added: "BMW and Toyota both want to make ever-better cars. We respect each other. And I think this is shown by our taking the next step only six months since the signing of our initial agreement. Toyota is strong in environment-friendly hybrids and fuel cells. On the other hand, I believe BMW's strength is in developing sports cars. I am excited to think of the cars that will result from this relationship." In March 2012, the BMW Group and TMC signed a binding agreement on collaborative research in the field of next-generation lithium-ion battery cells. In addition, the BMW Group and Toyota Motor Europe entered into a contract under which the BMW Group will supply highly-efficient 1.6 litre and 2.0 litre diesel engines to Toyota Motor Europe, starting in 2014. Today's MoU represents the companies' agreement in December last year to identify and discuss other possible collaborative projects.
