Daimler and BMW will jointly design, buy and produce various parts for their future car models, but cross shareholdings will not be in the pipeline. -- PHOTO: REUTERS
FRANKFURT - GERMANY luxury car rivals BMW and Daimler have agreed to develop some parts together, but do not foresee cross shareholdings, a press report said on Monday.
The two groups plan to jointly design, buy and produce air conditioning systems, seatbelts, brakes and electronic components for future models, the Sueddeutsche Zeitung newspaper said.
Work on the project started months ago but was given new urgency by the auto sector crisis, the report said.
BMW and Daimler do not plan to take cross shareholdings however, and talks about creating a common vehicle platform have been abandoned, it added. -- AFP
