Peugot Terminates Their Hybrid Venture with BMW
French auto group PSA Peugeot Citroen confirmed that it was no longer collaborating with German luxury carmaker BMW on the venture to develop hybrid vehicle technology. Peugeot and Munich-based BMW won’t produce the vehicles jointly or set up any plants together for the models, Agence France-Presse newswire cited Guillaume Faury Peugeot’s head of research and development as saying. Laure de Servigny a spokeswoman for Paris-based Peugeot confirmed the comments. In June, BMW had said that it was reconsidering the joint venture in light of a deal between the French carmaker and US giant General Motors, but Peugeot did not comment on this issue then.
BMW and Peugeot had already invested around ten years in developing petrol engines when they announced in February 2011 that they would extend their partnership to hybrid technology. The venture had them invest 100 million euros ($129 million dollars) but Peugeot’s alliance with GM early this year “changed the joint venture’s conditions,” as per a BMW spokeswoman. In March, Peugeot said that, it didn’t expect the GM partnership to affect joint work with other carmakers, which includes BMW. In June, the French company said that it was looking at the future of the BMW project. Operations of the BMW Peugeot Citroen Electrification partnership, which was established in October, to develop purchase and produce electric powertrains and components, would be retained by BMW, the German carmaker said in July.
“No decisions have been currently made on how the joint venture will be shaped in the future,” Frank Wienstroth, BMW spokesman said today. The French company’s partnership with GM comprises of the Detroit-based carmaker’s purchase of a 7 percent stake in Peugeot. Today de Servigny said that the manufacturers may also cooperate on hybrid models. On June 29 BMW signed a memorandum of understanding with Toyota Motor Corp. (7203), the maker of the Prius hybrid car, to work together on the development of fuel cells, lightweight materials and electric powertrains.
via Automotive News