Here’s some good news for all of you Volkswagon fans: Volkswagon and Toshiba have signed a letter of intent to develop an electric version of  the VW Up! concept car, according to SustainableBusiness.com.

Here are some excerpts from a statement released by Volkswagon regarding the partnership:

“The objective is a cooperation for the development of electric drive units and the accompanying power electronics for Volkswagen’s planned new small (car) family,” Volkswagen reportedly said in a statement.

“Furthermore, Volkswagen and Toshiba are planning the development of battery systems with a high specific energy density for the next generation of electric vehicles,” the statement continued.