File under expected and nonetheless excellent news. According to Automotive News BMW and Toyota Motor Corp are moving closer to putting jointly developed sports cars on the road.

>Cooperation on the underpinnings of the vehicles “has moved on to the concept phase and is running according to plan,” Munich-based BMW said in a statement to Bloomberg News. A technical feasibility study that began in January 2013 has been “successfully completed.”

>The midsize model is the most visible project within a broader partnership the manufacturers have said will last until at least 2020. The two companies have been tight-lipped about details, including the targeted introduction date, after announcing the plan early last year. Toyota today confirmed that the project has moved beyond the feasibility stage, which was initially due to be completed by the end of 2013.

The expectation is that BMW and Toyota will be co-developing a mid-sized sports car likely dubbed the Toyota Supra and BMW Z5. However the cooperation extends far beyond a single platform. Engines, drivetrains and even hydrogen power plants are all being worked on according to insiders familiar with the plans.