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).

Toyota announced a cooperative effort to test the self-driving capabilities of Waymo. Waymo reported 4 million fully autonomous rides last year in the U.S., quadrupling its total before 2024. Driverless taxis now operate in Austin,