As more and more tech giants embrace the use of alternative energy sources for products, automobile giants BMW and Jaguar have agreed to join forces in a bid to produce an electric car.

Both companies believe this move would help the industry’s transition from traditional internal combustion-powered cars and trucks to vehicles that are autonomous, connected, electric and can be shared.

Both companies plan to take advantage of efficiencies and cost savings gained from shared research and development and production planning as well as economies of scale from joint procurement across the supply chain.

Indeed, BMW group says producing hybrid electric cars is vital to the protection of the global environment.

This collaboration follows numerous other alliances, development partnerships and even proposed tie-ups between automakers hoping to share resources, technical acumen and costs.

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