BMW and Toyota have announced their intention to work together in four areas: fuel cells; architecture and components for a future sports vehicle; powertrain electrification; and lightweight technologies. "Toyota and the BMW Group share the same strategic vision of sustainable individual future mobility," Norbert Reithofer, Chairman of the Board of Management of BMW AG, said June 29 at a joint press conference held at BMW Group headquarters in Munich. Said Akio Toyoda, President of Toyota Motor Corporation: "Toyota is strong in environment-friendly hybrids and fuel cells…I believe BMW's strength is developing sports cars. I get so excited thinking about the cars that will result from this relationship." In March 2012, the two automakers signed a binding agreement on collaborative research in the field of next-generation lithium-ion battery cells. In addition, the BMW Group and Toyota Motor Europe entered into a contract in December 2011 under which BMW will supply 1.6- and 2.0-L diesel engines to Toyota Motor Europe starting in 2014.