French automotive group PSA Peugeot-Citroen (UG.FR) and German premium brand BMW AG (BMW.XE) are investing EUR100 million in a joint venture that will develop technologies for electric and hybrid vehicles, the newly-created company said Tuesday.
BMW Peugeot Citroen Electrification said it has already set up a research and development center in Munich, where BMW is based.
A manufacturing center in Mulhouse, in eastern France is being readied for production to start in 2015. It will manufacture components for the drive trains of electric and electrified vehicles that will be made and sold by the two companies, including high-voltage batteries, electric motors, generators, power and energy management systems and charging systems.
The two companies plan to sell the technology and their products to third parties as well as using them on their own vehicles.
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