BMW and Toyota already announced their partnership to develop a new sports car and it appears that the project has now moved on to the concept phase. According to BMW, everything is working according to plan, while Toyota said that the project moved beyond the feasibility stage.
Earlier this year, Toyota showed the FT-1 Concept at the 2014 Detroit Auto Show, a vehicle inspired by the iconic Supra, 2000GT and the Celica. Although the company denied that the concept previews a Supra successor, there are plenty of rumors online which suggest a production version.
The two companies are also cooperating on fuel cells, lightweight technology and lithium-air batteries. Despite the good news regarding their jointly-developed sports car, both manufacturers declined to give more details about the upcoming vehicle. [source: automotive news - sub. required]