BMW and Toyota have reached an agreement to create new sports cars, BMW's development chief Herbert Diess said this weekend, according to Reuters.

"We have agreed on a joint architecture for a sports car. What is important is that there will be two different vehicles that are authentic to the two brands," said Diess, according to German newspaper Frankfurter Allgemeine Zeitung.

Last January, the two automakers signed an agreement to work together on a number of different automotive advancements like lithium-air batteries and new lightweight technology.

Toyota is hoping to introduce a new fuel cell vehicle around 2020 by using the jointly developed technology, though BMW said a launch date has yet to be decided.

Toyota also hopes to sell a fuel cell sedan by 2015.

"In order for FCVs (fuel cell vehicles) to become more widely used, it needs to be cheaper. That would require a great deal of time and cost for development," said Toyota Vice Chairman Takeshi Uchiyamada, to Reuters last January.

 Diess could not provided any details regarding the new models price, release date, or features, according to Frankfurter Allgemeine Zeitung.

The first vehicle to be produced by the two companies is expected to cost over $300,000.

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