BMW will continue hybrid research venture after PSA exit
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MUNICH/PARIS (Bloomberg) -- BMW says it intends to continue hybrid-vehicle research on its own as it holds talks with PSA/Peugeot-Citroen about breaking up a joint venture.
The joint venture dubbed BPC Electrification was established in October to develop, purchase and produce electric powertrains and components and will be retained by BMW, Micaela Sandstede, a spokeswoman for the carmaker, said by telephone.
"Whether that means the joint venture's employees move to BMW is undecided," Sandstede said. "We are still in discussions with PSA over the dismantling of the joint venture."
France's La Tribune newspaper reported on Tuesday that the German automaker will buy PSA's 50 percent stake in the project.
Pierre-Olivier Salmon, a PSA spokesman, declined to comment.
The joint venture comprises a research and development center in Munich and a manufacturing plant in Mulhouse, France, where 250 workers would be employed to electrify about 10,000 vehicles starting in 2015.
BMW and PSA said on June 21 that they were looking at the venture's future after General Motors bought a 7 percent stake in the French carmaker, making it the second-biggest shareholder after the Peugeot family.
In June, BMW signed a memorandum of understanding with Toyota to collaborate on the development of fuel cells, lightweight materials and electric powertrains.
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