BY MIKE OLIVA

NEWJERSEYNEWSROOM.COM

German automaker BMW and Japan’s Toyota Motor Corporation have agreed to work together in an effort to jointly develop a hydrogen fuel cell system. The companies will work together on the undercarriage and components for a future sports car, collaborate on electric propulsion systems, and do research together on technology that will make cars lighter.

Toyota president AkioToyoda explained that the companies are looking to combine Toyota's strength in hybrid technology and fuel cells with BMW's capability in developing sports cars.

"I get so excited thinking about the cars that will result from this relationship," Toyoda said in a statement.

BMW is looking to reduce its number of carbons emissions of its new car fleet by about a third by 2020, which is only possible if it dramatically increases its number of hybrid and electric cars on the market, according to Reuters.

"We aim to further strengthen our competitive position in sustainable future technologies," Norbert Reithofer, chairman of BMW's management board, said in the statement.

While BMW's engine technology is regarded as ultramodern in the car industry,Toyota is known for its highly efficient production methods and has pioneered the development of hybrid cars especially with its Prius model, according to the Wall Street Journal.

“Toyota and the BMW Group share the same strategic vision of sustainable individual future mobility," said Reithofer in the statement. "Together we have a great opportunity to continue leading our industry through this transformation."