June 21 (Bloomberg) -- Bayerische Motoren Werke AG and PSA Peugeot Citroen said they’re looking at the future of a venture to develop parts for hybrid cars after General Motors Co. bought a stake in the French carmaker as part of a cooperation accord.
“The change in ownership structure at PSA have changed the terms of the joint venture,” Mathias Schmidt, a spokesman at Munich-based BMW, said in a phone interview. “BMW remains committed to the business, regardless of the changes” at Paris-based Peugeot.
BMW, the world’s biggest maker of luxury vehicles, may buy out the 50 percent stake that Peugeot currently holds in the BMW Peugeot Citroen Electrification partnership as a consequence of the alliance signed by the French carmaker and Detroit-based GM in February, latribune.fr news website reported today, citing unidentified industrial sources. GM owns 7 percent of Peugeot, Europe’s second-largest carmaker.
“We’re currently examining the functioning conditions of the JV,” Pierre-Olivier Salmon, a spokesman at Peugeot, said by phone. “An alliance has been signed with GM, which compels us to look at how things could evolve” in the partnership with the German luxury automaker.
BPCE, which is also based in Munich, was established in October 2011 to develop and produce electric powertrains and components. The production of components for the electrification of cars was due to begin in 2015 in the the French town of Mulhouse with a target volume of 10,000 vehicles per year, according to the venture’s website.
To contact the editor responsible for this story: Chad Thomas at email@example.com