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Through the signing of a series of agreements, the vehicle manufacturers are to pursue a number of avenues in the motor industry.
For example, BMW and Toyota have put their pens to a binding agreement whereby both parties will commence collaborative research on the creation of lithium-air batteries, a post-lithium-battery solution.
However, one of the most intriguing aspects of the ongoing partnership will be how the two vehicle giants will be spending 2013 researching the potential of creating a joint platform in which to construct an all-new mid-sized sports vehicle.
Commenting on the collaboration as a whole, Norbert Reithofer, chairman of the board of management of BMW AG, said: "Toyota Motor Corporation and the BMW Group share the same strategic vision of future sustainable mobility.
"In light of the technological changes ahead, the entire automotive industry faces tremendous challenges, which we also regard as an opportunity."