That BMW-Toyota sports car is still happening, both companies confirm

Remember how Toyota and BMW decided to work together on a jointly-developed sports car back in 2012? It's still happening: The two companies confirmed today that the project is now in the concept phase. In other words, it's moving slowly, but it's still on.

The midsize sports car is just one aspect of a broader BMW-Toyota partnership that includes joint work on lithium ion batteries, engine sharing, and more. But a legitimately sporty vehicle was always part of the agreement between the two companies, leading to rumors of a Toyota-BMW collaboration based on the next Z4.

Adding much-needed auto enthusiast flair to Toyota's lineup has long been a goal for Akio Toyoda, the Japanese giant's CEO and dyed-in-the-wool car guy. The partnership between the two companies is set to run until at least 2020, by which time hopefully we'll have a driver-oriented Toyota-BMW on the streets.