Plans for a new sports car developed jointly by BMW and Toyota, using common underpinnings of major components, are on track, the German carmaker has told media outlets.

The two automakers signed a memorandum of understanding on cooperation in 2012, outlined plans for the sports car in 2013 and late last year confirmed that they had reached the concept phase for the vehicle following the completion of feasibility studies.

BMW and Toyota have agreed to co-operate on a number of technologies including engines and research into hydrogen fuel cells. Neither has given an indication as to when the new sports car will go into production.