Toyota, BMW moving forward on mid-size sports car

All systems are go for the next-generation Toyota Supra and BMW Z4.

Toyota and BMW are moving forward with plans for a jointly-developed sports car platform that could eventually underpin a new Supra and the next-generation Z4.

BMW revealed in a statement to Bloomberg News that the new sports car architecture it's co-developing with Toyota "has moved on to the concept phase and is running according to plan.” The German automaker added that a technical feasibility study, which began in January 2013, has been "successfully completed.”

Toyota also confirmed that the project has progressed beyond the feasibility stage.

According to previous reports, Toyota will use the architecture to spawn a new-age Supra while BMW will use the underpinnings for its next-generation Z4 sports car.

Toyota used the Supra name for it's top-spec sports car offering for several decades, but killed off the nameplate in the early 2000s. Toyota has since updated its trademark filing for the Supra name, indicating a new version could be forthcoming.

Earlier this year Toyota unveiled the FT-1 concept, a model it said was inspired by past cars like the Supra.

Details on the sports car twins remain scarce, but the new platform is said to be rear-wheel drive-based. However, all-wheel drive could be offered.

Drivetrains will likely be sourced from BMW and include an inline-six. A hybrid drivetrain is also a distinct possibility.

No timeframe for launch has been announced, but look for the new Supra and Z4 to debut within the next 2-3 years.

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