Toyota and BMW are not strangers to each other. In fact, the two auto manufacturing giants have a long relationship that stretches back to 2013.

The two companies are already working together on coming up with hydrogen fuel-cell technologies. However, it seems the two are more than willing to expand their relationship and join the world of superfast cars. The news follows last week’s motor show in Frankfurt, Germany, where some of the best car models have already been showcased to the public.

Toyota had already dropped a hint about coming up with a sports car at the FT-1 concept; however, the two companies are yet to decide or rather make the final decision regarding the potential co-development of the new sports car. If this news turns out true, BMW might be coming in with a new model for the Z range of cars, but nothing has yet to come out as far as the name of the new car is concerned.

Toyota-BMW sports car project to kick off later this year

As noted earlier, the news about the possible co-development of a new sports car by Toyota and BMW broke out at the Frankfurt Motor Show event. The head of Toyota’s European operations, Johan van Zyl, noted that the ongoing works on fuel cells and other lightweight components could be the catalyst to their continued joint efforts with respect to the sports car platforms.

While there is nothing concrete to report about the possible joint production of a sports car between Toyota and BMW, it can be revealed that such a plan is on schedule and on course. According to a Toyota spokesman, the project might be approved by the time the year comes to an end, but there is no news on whether there will be continued joint works in the future.

This news was even further reiterated by the chief finance officer of BMW, Friedrich Eichiner, who was quoted saying that the company was looking at all possible means to strengthen its ties with Toyota in a bid to expand their cooperation.

Still more to consider for Toyota and BMW

While the deal might sound too sweet for both companies, it is still too early to tell whether they will see it as beneficial to them or not. On Toyota’s side, it might just be the best way to rekindle its global sales as far as the entry level 86 car is concerned.  But since this sport car model is targeting the luxury class, it might just be why the company is taking some time to think before venturing into this more expensive model.

This is true because the sports cars are not what many non-US and non-European citizens enjoy; instead, they prefer the SUVs and the sedans; something that might heavily impact the sports car program.

BMW on the other hand has nothing much to lose from this partnership as it may use the jointly developed sports car as a stepping stone towards establishing its brand in the high-performance supercar world.

This news will not sound very nice to the likes of Honda NSX and Nissan GT-R as the new model will mean competition in this field is now stiffer than before. However, it is only until later this year that Toyota and BMW will confirm whether this project will commence or not.