Toyota Motor (TM) and Alphabet's (GOOG, GOOGL) Waymo said Tuesday that they reached a preliminary agreement to develop a new autonomous vehicle platform.

The companies said they also plan to explore leveraging Waymo's autonomous technology and Toyota's experience in vehicles to enhance next-generation personally owned vehicles or POVs.

Toyota and Waymo said the collaboration's scope "will continue to evolve" over ongoing talks, with Woven by Toyota to join the potential collaboration.