The BMW Group and McLaren are reportedly in talks to jointly develop a brand new platform for fully electric sports cars. According to Automobilwoche, the two companies have already signed a memorandum of understanding on March 24.

This won’t be the first time the two brands work together, though. Prior to this, BMW and McLaren teamed up to make the now-legendary McLaren F1, a supercar designed by McLaren and powered by a BMW-built V12 engine. It’s worth noting, however, that the modern day McLaren Automotive (founded in 2010) is technically not the same company that built the F1 (built by McLaren Cars, founded in 1985).

Details of the partnership is largely kept under wraps, but the joint EV platform will likely be shared between the two firms, as opposed to the partnership which birthed the F1. With this, both companies are able to split developmental costs, and could in turn help McLaren produce more affordable high-performance vehicles.

Meanwhile, Audi has raised its offer from 450 million euros (RM2.1 billion) to 650 million euros (RM3 billion) to gain a stake in McLaren’s Formula One unit. The move likely precedes an investment, though this is subject to further discussion among the Volkswagen Group’s supervisory board later this month. Audi’s interest in McLaren first emerged late last year.