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,

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 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).