French car maker, Peugeot Citroen and Germany’s BMW have established a new joint venture, The Wall Street Journal reports. The new entity will develop, purchase and produce powertrain components for hybrid vehicles.
The 50-50 joint-venture is expected to launch operations in the second quarter of this year. BMW’s head of purchasing strategy, Wolfgang Güllich, has been appointed as the CEO of the new business, adds Financial Times.
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