Toyota (NYSE:TM) is partnering with BMW to develop a new type of battery to power environmentally friendly vehicles.
The two companies have been working jointly on lightweight composite materials and a fuel-cell system to power green autos since 2011. The new research effort aims to produce lithium-air batteries that will provide more power than the lithium-ion batteries currently used in hybrid and electric vehicles, the Associated Press noted.
Lithium-air batteries can use oxygen drawn from the air to assist in power generation, compared to lithium-ion batteries, which use an engineered lithium compound.
Research alliances are becoming common among global carmarkers. General Motors (NYSE:GM) and France’s Peugeot (PINK:PEUGY) have formed a purchasing partnership to lower costs and are now collaborating on a range of new vehicles.
Shares of Toyota rose about 1% in Thursday morning trading.