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BMW, Toyota outline new tech joint venture, new sports car

Back in June, Toyota and BMW announced a "memorandum of understanding" outlining plans for the two companies to join forces on future products and technology development. On Thursday, they signed a more formal and binding agreement that goes further into detail about the partnership, and it all sounds pretty exciting. The two announced they will work together in four main areas:
Joint development of a fuel cell system
"Set up a feasibility study to define a joint platform concept for a mid-size sports vehicle"

BMW Pininfarina Gran Lusso Coupe and Concept 90 pics from Villa d'Este

Royalty and the ultra-wealthy rubbed damp shoulders at this past weekend's Concorso d'Eleganza Villa d'Este on the shores of Italy's Lake Como, but even the rain couldn't extinguish the excitement generated by the millions of dollars of cars and bikes on display. Nowhere was this more true than with BMW, which marked the occasion with the reveal of two stunning concepts with six wheels between them - the shark-nosed Pininfarina Gran Lusso Coupe and the retrosexual Concept 90 motorcycle.
Conceived with Italian design house Pininfarina, the Gran Lusso Coupe is a power broker on 21-inch wheels. While we're not completely sold on every element of its design, this twelve-cylinder two-door concept moves us more than the current 6 Series, and not just because it has four more cylinders underhood and 48,000-year-old kauri wood paneling inside. BMW is sadly mum on production hopes, but we're not entirely optimistic - the company has graced us with a number of attractive concepts at Villa d'Este before, only to pack them away again without ever affording them a production future.
If one of these concepts has a better shot at finding its way into dealers, we have to believe it's the Concept 90 under the BMW Motorrad umbrella. Designed to celebrate the 40th anniversary of BMW's R 90 S, we think this Roland Sands Design air-cooled boxer would look fantastic on today's streets, especially with the rising popularity of vintage motorcycles and cafe racers.

BMW i3 to be priced around $40,000

According to Automotive News, the BMW i3 electric hatchback will likely be priced around $40,000, or similar to that of a well-equipped 3 Series sedan, when it goes on sale later this year. This information was revealed during an interview where AN spoke to Ludwig Willisch, CEO of BMW North America. The i3 will likely qualify for a $7,500 tax credit from the US federal government, though AN reports that a BMW spokesperson could not confirm this just yet.
In addition to the all-electric i3, BMW will offer a range-extended version that uses a 0.65-liter two-cylinder motorcycle engine and auxiliary generator to charge the car's battery on the go. Automotive News says pricing for this model is still unclear, as is whether or not the range-extended i3 will be eligible for the $7,500 tax credit. Of course, buyers needing a vehicle for longer trips will be able to borrow one from the automaker.
Automotive News also reports that the majority of BMW's 338 dealers in the United States will be able to sell the i3, as well as the upcoming i8 hybrid sports car. Dealerships have until June of this year to opt out of this program, however.