Toyota Motor and Alphabet's Waymo said on Wednesday they will explore collaborating on the development of a new autonomous vehicle platform and ways to enhance next-generation personally owned vehicles (POVs).

The companies didn't announce any timelines, but Toyota could be setting the stage for future vehicle announcements, be it EVs or gas-powered cars.

Toyota announced a preliminary partnership with Waymo on Wednesday that could result in the Japanese automaker collaborating with the Alphabet unit on autonomous vehicle technology. Why it matters: As the world's second largest automaker by sales and an industry leader in manufacturing efficiency,