BMW and PSA Peugeot Citroen have entered into a 50:50 venture to produce components for hybrids and electric vehicles, says a story in the Financial Times.
The two companies, which will launch the new operation in the second quarter of this year, will team up on the development of battery packs, electric motors, power electronics, generators, chargers and software to run the new breed of vehicles.
The German and French carmakers said that the components would be used in their own vehicles, and will also be sold to other automakers. The joint operation will begin equipping vehicles in 2014, the newspaper said.
Tesla Motors’ $35,000, 200-mile electric car may not revolutionize the auto industry by itself, but it could serve as a starting point for a long, steady climb to a day when half of the world’s vehicles will be plug-ins.
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