BMW Group and PSA Peugeot Citroen announced today that they plan to expand their already successful cooperation by including hybrid components for front-wheel-drive vehicles.
“The components are to be used in front-wheel-drive vehicles with electrified drive trains,” BMW said in a statement. “Joint development and production of components as well as joint purchasing will leverage significant economies of scale for both partners. It will also allow them to standardise key elements for the electrification of vehicles.”
“This cooperation will deliver a major contribution towards a competitive cost structure in the field of electrification. It also represents another important step on the road to sustainable mobility,” said BMW CEO Norbert Reithofer said. “We are pleased to broaden our long-standing cooperation based on the strong relationship that exists between our two companies,” added Philippe Varin. “Combining both partners” expertise in hybrid technologies will clearly create competitive advantage.”
As always, both groups have agreed not to give out any financial details of the agreement.
– By: Zain Haq